Data and analytics company Lumiq has raised Rs 44.1 crore or $5.5 million in its Series A round led by existing investor Info Edge. This is the first round of investment for the Noida-based company in 2022.
The board at Lumiq has passed a special resolution to issue 2,689 Series A CCPS (Convertible Cumulative Preference Shares) at an issue price of Rs 1,63,978 per share to raise 44.1 crores or $5.5 million, a regulatory filing with the Registrar of Companies (RoC) show.
Info Edge spearheaded the round with Rs 23.41 crore while Season Two Venture and RedStart Labs pumped in Rs 19.51 crore and Rs 1.2 crore respectively.
The company has raised a total of $7.5 million to date including a $2 million seed round led by Info Edge in August last year. Redstart Labs and angel investor Parampreet Bhasin also participated in the seed round.
As per Fintrackr’s estimates, Lumiq has been valued around at Rs 320 crore or $40 million, post allotment.
Founded by Shoaib Mohammad, Lumiq’s flagship product ‘emPower’ enables financial enterprises in the banking and insurance sectors to activate and monetize their data. The company claims to have developed over 70 ready-to-deploy AI/ML data models and is live on over 20 cloud data platforms of the financial enterprise. In addition, it has so far analyzed over 1 billion customer interactions.
Lumiq’s revenue from operations grew 2X to Rs 12.22 crore in FY21 while the company registered a profit of Rs 1 crore during FY21. The company is yet to file its financial statements for FY22.
Info Edge has ramped up its investment in Indian startups in 2022. The parent company of Naukri.com has backed Adda247, Ustraa, Broker Network and Tractor Junction and recently acquired a majority stake in edtech company Coding Ninjas.