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Lohum Cleantech Charges Ahead with $23M Boost in Ongoing Series B Funding Round

Lohum Cleantech, a trailblazer in clean energy transition materials through battery recycling and repurposing, has secured a significant $23 million in its Series B funding round. Spearheaded by Baring Private Equity Partners, this investment, initiated in August last year, appears to be ongoing, with further capital anticipated.

Joining Baring Private Equity Partners in this funding spree are notable participants including Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, Michael B Schwab Living Trust, Singularity Growth, Stride Ventures, and various angel investors like Anish Vora, Kunal Babani, and Manas Tondon.

A special resolution passed by Lohum's board reveals plans to issue 1,993 Series B1 CCPS at an issue price of Rs 9,42,467 each, aiming to raise Rs 188 crore, according to regulatory filings sourced from the Registrar of Companies.

Leading the charge in this round, Baring Private Equity injected Rs 70 crore, while Cactus Partners and Ventureast Proactive Fund contributed Rs 30 crore and Rs 32 crore respectively, with the remaining funds sourced from other investors.

This infusion of capital will be allocated towards meeting capital expenditures, marketing efforts, and general corporate purposes as outlined by the board of directors, the filing further indicates.

Following this latest round of funding, Baring Equity now holds a 5% stake in the company, with Cactus Partners and Ventureast Proactive Fund holding 3.1% and 3.2% respectively.

Renowned for its pioneering work in sustainable energy transition materials, Lohum excels in integrated battery recycling, raw material refining, and battery repurposing. The company's lithium-ion battery material recycling and extraction technology not only regenerates high-quality materials but also generates zero waste. Additionally, it repurposes EV batteries to create second-life energy storage systems (ESS) for renewable energy storage and grid stabilization.

Lohum's Detex battery price index simplifies the determination of accurate battery material prices and provides insights into future buyback prices.

With its stellar financial performance, Lohum has witnessed a remarkable revenue surge of 2.9 times year-on-year, reaching Rs 308 crore in FY23 from Rs 106 crore in FY22. Moreover, the company reported a profit of Rs 8.88 crore during the same period.

Having previously secured $7 million in January 2021, Lohum was rumored to be in discussions to raise $100 million in its Series B round, demonstrating its continued growth trajectory and investor confidence.


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