Startup Lohum Cleantech, specializing in battery pack manufacturing and recycling, has secured $23 million in its Series B funding round led by Baring Private Equity Partners. The funding, initiated in August last year, appears to be ongoing as the company aims to raise more capital.
Other participants in the round include Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, Michael B Schwab Living Trust, Singularity Growth, Stride Ventures, and various angel investors such as Anish Vora, Kunal Babani, and Manas Tondon.
According to regulatory filings, Lohum's board has approved the issuance of 1,993 Series B1 CCPS at a price of Rs 9,42,467 each, aiming to raise Rs 188 crore. Baring Private Equity led with Rs 70 crore, followed by Cactus Partners and Ventureast Proactive Fund with Rs 30 crore and Rs 32 crore, respectively, while the remaining investment came from other backers.
The company, founded seven years ago, plans to utilize the funds for capital expenditures, marketing, and general corporate purposes, as determined by its board of directors.
Following this funding round, Baring Equity now holds a 5% stake in Lohum, while Cactus Partners and Ventureast Proactive Fund own 3.1% and 3.2% stakes, respectively.
According to TheKredible, a startup data intelligence platform, Lohum's valuation post-allotment stands at around Rs 2,188 crore or $267 million.
Lohum specializes in assembling lithium-ion batteries using cells sourced from various countries, including China and Taiwan. These batteries are used in electric vehicles (EVs) and stationary energy storage solutions, such as those found in telecommunication towers.
Previously, the company raised $7 million in January 2021 and was reportedly in discussions to secure $100 million in its Series B round.
In terms of financial performance, Lohum reported significant growth, with its revenue increasing 2.9 times year-on-year to Rs 308 crore in FY23 from Rs 106 crore in FY22. Additionally, the company posted a profit of Rs 8.88 crore during the same period.
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