LOHUM Plans to Raise Rs 1,000 Crore in Series C Round for Battery Technology

LOHUM is preparing to secure Rs 1,000 crore, equating to $112 million, in its Series C funding round, which is expected to serve as its pre-IPO financing, according to two knowledgeable sources. The company aims to enter the public market within the next 12 to 18 months, marking this phase as its final private fundraising effort, as indicated by one source who wished to remain anonymous due to the confidential nature of the discussions. I9 Capital and Singularity Ventures are anticipated to spearhead this funding round, alongside the participation of current investors.

Recent Fundraising and Financial Milestones

As per insiders, LOHUM has successfully raised Rs 400 crore in the last six months through a combination of equity and debt financing. The equity component has originated from existing shareholders and senior executives from related sectors, while the debt aspect was sourced from private banks and non-banking financial companies (NBFCs).

Another anonymous source commented that the deal terms have been finalised, stating that if there are no last-minute changes, the transaction is expected to be completed within the coming months.

Previous Funding Rounds and Investor Participation

This week, Startup Superb reported exclusively on LOHUM’s pre-Series C funding round of $15 million, led by Growth I9 Opportunity LLP, which attracted contributions from existing stakeholders, including Baring Private Equity, Singularity Growth, and Asiana Fund, among others. This recent round is part of the previously mentioned Rs 400 crore funding mix.

Efforts to contact LOHUM and Singularity Growth for comment on Tuesday were not met with any response. The article will be updated if they do provide feedback.

Overview of LOHUM’s Business Vision

Founded in 2018, LOHUM is focused on developing advanced Lithium-ion mobility and energy solutions by reviving batteries for multiple uses and extending battery materials through continuous recycling efforts. The company claims to be one of the top producers of sustainable energy-transition materials, supported by its comprehensive battery recycling, raw material refining, and repurposing operations.

Financial Performance and Future Outlook

According to various startup data intelligence platforms, LOHUM has secured over $150 million to date, featuring investors such as Baring Equity, Singularity Growth, and Cactus Partners among others. The company, based in Delhi, reported a 72% year-on-year surge in operating revenue, reaching Rs 529 crore in FY24, while its profits skyrocketed more than threefold to Rs 28 crore. The financial performance figures for FY25 have yet to be revealed.