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Lohum Cleantech Secures $14.5 Million in Ongoing Series B Funding Round

Lohum Cleantech, a frontrunner in clean energy transition materials through battery recycling and repurposing, has secured Rs 119 crore (approximately $14.5 million) in its ongoing Series B funding round.


This tranche comes through the issuance of 844 Series B2 CCPS at an issue price of Rs 14,13,632 each, raising a total of Rs 119.31 crore. Singularity Growth led the investment with Rs 55 crore, followed by Vyoman India (Rs 11 crore) and Baring Private Equity (Rs 10 crore). Angel investors Mukul Mahavirparasad Agarwal and Madhuri Madhusudan also participated in the round, contributing Rs 11 crore and Rs 10 crore respectively.


Lohum plans to utilize the fresh capital for capital expenditures, marketing initiatives, and general corporate purposes as per their approved business plan.

Following this infusion, Baring Private Equity holds 5.58% stake in Lohum, while Cactus Partners and Singularity Growth Opportunities hold 2.89% and 1.62% respectively. TheKredible, a startup data intelligence platform, estimates Lohum's post-allotment valuation at around Rs 3,470 crore ($422 million).

This funding round adds to Lohum's previous fundraising milestones, including $7 million raised in January 2021 and $23 million secured in the first part of their Series B round last August. Media reports suggest Lohum was aiming for a total Series B raise of $100 million.


Lohum positions itself as a leading producer of sustainable energy transition materials. Their integrated approach combines battery recycling, raw material refining, and battery repurposing. Notably, Lohum's lithium-ion battery recycling and extraction technology boasts zero-waste generation and the regeneration of top-quality materials. Additionally, they repurpose EV batteries to create second-life energy storage systems (ESS) for applications in renewable energy storage and grid stabilization.


Lohum's financial performance reflects impressive growth. Their revenue in FY23 surged by 2.9 times to Rs 308 crore compared to Rs 106 crore in FY22. The company also reported a profit of Rs 8.88 crore in the same period.


 

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