LOHUM to Raise $15 Million to Expand Battery Recycling and EV Materials
- LOHUM to raise $15 Million in a pre-Series C round led by Growth I9 Opportunity LLP
- Funds will support capex, marketing, and overall business expansion
- Startup’s valuation expected to reach about $485 Mn post-money
Battery technology startup LOHUM is set to raise Rs 131.4 crore (about $15 million) in a pre-Series C funding round led by Growth I9 Opportunity LLP, with participation from existing investors such as Baring Private Equity, Singularity Growth, Asiana Fund, and others. This new infusion comes months after the startup raised $54 million in its Series B round in March 2024.
According to filings with the Registrar of Companies, LOHUM will issue 748 pre-Series C CCPS at an issue price of Rs 17,56,714 each. Growth I9 Opportunity LLP will lead the round with an investment of Rs 31.8 crore ($3.6 million), followed by Baring Private Equity at Rs 25.12 crore. Additional contributions will come from Samriddhi Sehgal, Asiana Fund, Rainbow Investments, Singularity Growth and a group of 18 angel investors.
The company plans to use the funds for capital expenditure, marketing initiatives, and general corporate needs. Based on estimates, LOHUM’s valuation is expected to reach nearly Rs 4,265 crore (around $485 million) after this round.
Founded in 2018, LOHUM develops advanced lithium-ion mobility and energy storage solutions. The company focuses on giving batteries a second life through reuse and recycling, positioning itself as one of the largest producers of sustainable energy-transition materials. Its operations span battery recycling, raw-material refining, and repurposing.
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Data shows LOHUM has raised over $120 million so far, backed by investors including Baring Equity, Singularity Growth, and Cactus Partners. The Delhi-based firm reported a 72% year-on-year rise in operating revenue to Rs 529 crore in FY24, while profits grew over threefold to Rs 28 crore.
LOHUM has yet to comment on the latest funding development.
