With the help of Baring Private Equity Partners, Lohum Cleantech, a producer of clean energy transition materials through battery recycling and repurposing, has raised $23 million in its Series B1 round. According to sources, this round, which took place in August of last year, appears to be an older one that has since raised more money as part of a different round.
Along with several angel investors like Anish Vora, Kunal Babani, Manas Tondon, and others, Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, Michael B. Schwab Living Trust, Singularity Growth, and Stride Ventures also participated in the round.
According to the Lohum board’s regulatory filing, which was obtained from the Registrar of Companies, the board approved a special resolution to issue 1,993 Series B1 CCPS at an issue price of Rs 9,42,467 each in order to raise Rs 188 crore.
With an initial investment of Rs 70 crore, Baring Private Equity spearheaded the round, with additional funding coming from Cactus Partners and Ventureast Proactive Fund contributing Rs 30 crore and Rs 32 crore, respectively.
According to the filing, the six-year-old business will utilize these funds for marketing, general corporate business, and capital expenditures as determined by the board of directors.
After the infusion of new funds, Baring Equity now owns 5% of the business, with Cactus Partners and Ventureast Proactive Fund controlling 3.1% and 3.2% of the company, respectively.
With its integrated methods of battery recycling, raw material refining, and battery repurposing, Lohum is among the biggest producers of sustainable energy transition materials. According to Lohum, its technology for extracting and recycling lithium-ion battery material regenerates premium materials with no waste. In order to create second-life energy storage systems (ESS) for renewable energy storage and grid stabilization, it repurposes EV batteries.
Accurate battery material prices can be easily found thanks to the company’s Detex battery price index, which also provides buyback prices for future cycles.
According to reports, the company was in talks to raise $100 million in a Series B round. It had previously raised $7 million in January 2021.
Lohum’s revenue increased by 2.9 times year over year to Rs 308 crore in FY23 from Rs 106 crore in FY23, demonstrating an outstanding financial performance. During the same time frame, the company reported making Rs 8.88 crore in profit.
