Lohum Cleantech, a company specializing in the production of clean energy transition materials through battery recycling and repurposing, has successfully raised Rs 119 crore (approximately $14.5 million) in its ongoing Series B funding round.
As revealed in a regulatory filing accessed from the Registrar of Companies, Lohum’s board passed a special resolution to issue 844 Series B2 CCPS at an issue price of Rs 14,13,632 each, raising Rs 119.31 crore. Singularity Growth led this funding tranche with Rs 55 crore, while Vyoman India and Baring Private Equity contributed 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.
Additionally, the company passed a separate board resolution to issue 2,501 debentures to Stride Ventures debt fund, raising Rs 25 crore. Lohum plans to utilize these funds for capital expenditures, marketing initiatives, and general corporate purposes, as outlined in the approved business plan, according to the company’s filing.
Following this influx of funds, Baring Private Equity now holds 5.58%, while Cactus Partners and Singularity Growth Opportunities command 2.89% and 1.62%, respectively, in the firm. The startup has been valued at around Rs 3,470 crore or $422 million post-allotment, according to startup data intelligence platform TheKredible.
Lohum had previously secured $7 million in January 2021 and has already raised $23 million as part of the Series B initiated in August the same year. Media reports suggest the company was in talks to raise $100 million in this funding round.
Lohum positions itself as one of the leading producers of sustainable energy transition materials through integrated battery recycling, raw material refining, and battery repurposing. The company’s lithium-ion battery material recycling and extraction technology regenerate high-quality materials while producing zero waste. Lohum repurposes electric vehicle batteries to create second-life energy storage systems (ESS) for renewable energy storage and grid stabilization.
Notably, Lohum demonstrated impressive financial performance, with revenue surging 2.9 times to Rs 308 crore in FY23 from Rs 106 crore in FY22. The company also reported a profit of Rs 8.88 crore during the same period.
