Startup for battery tech Lohum raises $14.5 Mn through Series B
Lohum Cleantech, a producer of renewable energy materials by recycling batteries and repurposing, has raised 119 crore (approximately $14.5 million) as part of its Series B funding round.
The board of Lohum has approved the special resolution of issuing 844 series B2 CCPS for 14,13,632 per unit to raise 119.31 crore, the regulatory filing at the Registrar of Companies shows.
Singularity Growth led the tranche with a figure of Rs 55 crore. Vyoman India and Baring Private Equity have contributed 11 crore and ten crore each. The angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan put in the sum of Rs 11 crore and 10 crore for each.
The company has also passed a board resolution that authorizes the issue of 2501 debentures for Stride Ventures debt fund to raise Rs 25 crore.
Lohum will use the proceeds for capital expenditures, marketing, and general corporate purposes of the business as stipulated in the business plan, which was approved by the board of directors, the company wrote in its document.
In the wake of the new funds, Baring Private Equity holds 5.58 percent, and Cactus Partners and Singularity Growth Opportunities control 2.89 percent and 1.62 percent, respectively, within the company. According to the company's data analytics platform for startups, TheKredible, The firm is valued at approximately Rs 3,470 crore, or $422 million after allocation.
The company before January 2021, when it raised $7m. It has secured $23 million in Series B, which began in August of this year. According to reports in the media, the company was in discussions for a $100-million investment through Series B.
Lohum is declared to be among the leading producers of sustainable transition materials thanks to the integrated recycling of batteries, refining of raw materials, and recycling of batteries. According to Lohum, its lithium-ion battery recycles and extracts technology, which creates premium materials and generates zero waste. It reuses EV batteries to create secondary-life storage for energy (ESS) to store renewable energy storage and stabilize the grid.
Lohum has posted a remarkable financial performance, with its revenues growing 2.9X to reach Rs 308 crore in FY23, up from the FY23 figure of Rs 106 crore. The company also earned an income of 8.88 crore during the same period.
Source: Entrackr.