Exclusive: Battery tech startup Lohum raises $14.5 Mn more in Series B

Lohum Cleantech, a producer of clean energy transition materials through battery recycling and repurposing, has raised Rs 119 crore (approximately $14.5 million) as a part of its ongoing Series B round.

The board at Lohum has passed a special resolution to issue 844 Series B2 CCPS at an issue price of Rs 14,13,632 each to raise Rs 119.31 crore, its regulatory filing accessed from the Registrar of Companies shows.

Singularity Growth led the tranche with Rs 55 crore while Vyoman India and Baring Private Equity poured in Rs 11 crore and Rs 10 crore, respectively. Angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan invested Rs 11 crore and Rs 10 crore each.

The company has passed a separate board resolution to issue 2,501 debentures to Stride Ventures debt fund to raise Rs 25 crore.

Lohum will use these proceeds for the capital expenditures, marketing, and general corporate purposes of the company as per the business plan approved by the board, the company said in the filing.

Following the fresh funds, Baring Private Equity holds 5.58% while Cactus Partners and Singularity Growth Opportunities command 2.89% and 1.62%, respectively, in the firm. According to the startup data intelligence platform TheKredible, the company has been valued at around Rs 3,470 crore or $422 million post-allotment.

The company had previously raised $7 million in January 2021. It has already raised $23 million as part of the series B, which kicked in August last year. As per media reports, it was in talks to raise $100 million in Series B.

Lohum claims to be one of the largest producers of sustainable energy transition materials through integrated battery recycling & raw material refining and battery repurposing. As per Lohum, its lithium-ion battery material recycling and extraction technology regenerates top-quality materials and produces zero waste. It repurposes EV batteries to make second-life energy storage systems (ESS) for renewable energy storage and grid stabilization.

Lohum has shown an impressive financial performance with its revenue surging 2.9X to Rs 308 crore in FY23 from Rs 106 crore in FY23. The company also posted a profit of Rs 8.88 crore in the same period.