Lohum Cleantech, a company specializing in 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. In a regulatory filing, the company revealed the issuance of 844 Series B2 CCPS at a price of Rs 14,13,632 each, with Singularity Growth leading the tranche with Rs 55 crore. Other contributors include Vyoman India, Baring Private Equity, and angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan.
Lohum plans to utilize the funds for capital expenditures, marketing, and general corporate purposes, following the approved business plan. Post-allotment, the company’s valuation stands at around Rs 3,470 crore or $422 million, according to reports from the startup data intelligence platform TheKredible.
Baring Private Equity now holds 5.58%, while Cactus Partners and Singularity Growth Opportunities command 2.89% and 1.62%, respectively, in the company. Lohum’s robust financial performance includes a significant revenue increase to Rs 308 crore in FY23 from Rs 106 crore in FY22, accompanied by a profit of Rs 8.88 crore in the same period. Specializing in sustainable energy transition materials through integrated battery recycling, raw material refining, and battery repurposing, Lohum claims to be one of the largest producers in this sector.