Lohum raises $14.5M in Series B round led by Singularity Growth

• ByStartupStory     |    March 11, 2024

Battery tech startup Lohum Cleantech has secured Rs 119 crore (approximately $14.5 million) in its ongoing Series B round, focusing on clean energy transition materials. 

According to regulatory filings, “The board at Lohum has passed a special resolution to issue 844 Series B2 CCPS at an issue price of Rs 14,13,632 each to raise Rs 119.31 crore.” 

Singularity Growth led the funding with Rs 55 crore, joined by Vyoman India, Baring Private Equity, and angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan. 

Additionally, the company issued 2,501 debentures to Stride Ventures debt fund, raising Rs 25 crore. Lohum plans to utilize these funds for capital expenditures, marketing, and general corporate purposes. 

Following the investment, Baring Private Equity holds 5.58% of the firm, with Cactus Partners and Singularity Growth Opportunities holding 2.89% and 1.62%, respectively. According to TheKredible, Lohum is valued at approximately Rs 3,470 crore or $422 million post-allotment. 

The startup, known for sustainable energy transition materials, has reported impressive financial performance, with revenue surging to Rs 308 crore in FY23 from Rs 106 crore in FY22 and posting a profit of Rs 8.88 crore in the same period.

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