Exclusive: Battery tech startup LOHUM to begin pre-series C with $15 Mn

Battery tech startup LOHUM is all set to raise Rs 131.4 crore (approximately $15 million) in a pre-Series C round led by Growth I9 Opportunity LLP with the participation of existing investors, including Baring Private Equity, Singularity Growth, Asiana Fund, and others.

This funding follows its $54 million Series B round raised in March 2024.

The Lohum’s board passed a resolution to approve the issue of 748 pre-Series C CCPS at an issue price of Rs 17,56,714 each to raise the amount mentioned above, according to its filing with the Registrar of Companies.

Growth I9 Opportunity LLP will lead the round with Rs 31.8 crore ($3.6 million), followed by Baring Private Equity at Rs 25.12 crore. Samriddhi Sehgal will also join with an investment of Rs 13.35 crore, while Asiana Fund and Rainbow Investments will contribute Rs 12.12 crore and Rs 9.83 crore, respectively. The remaining amount will be covered by Singularity Growth and 18 other investors, including a clutch of angel investors.

According to the filing, the funds will be used for capital expenditure, marketing, and general corporate purposes. As per Entrackr’sestimates, the firm will be valued at around Rs 4,265 crore or around $485 million post-money.

Lohum has not yet responded to queries. We will update this story if the company comments.

Founded in 2018, LOHUM builds next-gen Li-ion mobility and energy solutions by giving batteries multiple lives through reuse and extending battery materials indefinitely through recycling. It claims to be one of the largest producers of sustainable energy-transition materials, backed by its integrated battery recycling, raw-material refining, and repurposing ops.

According to startup data intelligence platform TheKredible, Lohum has raised over $120 million to date, having Baring Equity, Singularity Growth, and Cactus Partners among the firms on its cap table.

The Delhi-based company posted a 72% year-on-year increase in operating revenue to Rs 529 crore in FY24, while its profits surged over 3X to Rs 28 crore. The company has yet to disclose its FY25 numbers.