Delhi-based battery tech startup LOHUM is set to raise INR 131.4 crore (around $15 million) in a pre-Series C round led by Growth I9 Opportunity LLP.
The round also includes participation from existing investors such as Baring Private Equity, Singularity Growth, Asiana Fund, and others.
As per filings with the Registrar of Companies, LOHUM’s board has approved issuing 748 pre-Series C CCPS at a price of ₹17,56,714 each to raise the total amount.
Growth I9 Opportunity LLP will lead the round with an investment of ₹31.8 crore ($3.6 million). Baring Private Equity will contribute ₹25.12 crore, while Samriddhi Sehgal will invest ₹13.35 crore.
Asiana Fund and Rainbow Investments will add ₹12.12 crore and ₹9.83 crore, respectively. The remaining amount will come from Singularity Growth and 18 other investors, including several angel investors.
The new investment comes only a few months after LOHUM raised $54 million in its Series B round in March 2024.
According to the filing, the fresh funds will be used for business expansion, including capital expenditure, marketing, and other general corporate needs.
Founded in 2018, LOHUM develops next-generation lithium-ion mobility and energy solutions by extending battery life through reuse and recycling.
The company says it is one of the largest producers of sustainable energy-transition materials, supported by its integrated battery recycling, raw-material refining, and repurposing operations.
The company reported a 72% year-on-year increase in operating revenue, reaching ₹529 crore in FY24, while its profit grew more than threefold to ₹28 crore. The FY25 results have not been released yet.
Read more- Tulip Acquires Akooda to Boost AI Workflow Intelligence
