In its current Series B round, Lohum Cleantech, a manufacturer of clean energy transition materials through battery recycling and repurposing, has raised Rs 119 crore (roughly $14.5 million).
According to the Lohum board’s regulatory filing, which can be accessed through the Registrar of Companies, the board decided to issue 844 Series B2 CCPS at an issue price of Rs 14,13,632 apiece in order to raise Rs 119.31 crore.
With Rs 55 crore, Singularity Growth was the largest investor in the tranche, followed by Vyoman India with Rs 11 crore and Baring Private Equity with Rs 10 crore. Mukul Mahavirparasad Agarwal and Madhuri Madhusudan, two angel investors, contributed Rs. 11 crore and Rs. 10 crores, respectively.
In order to raise Rs 25 crore, the company has approved a separate board resolution to issue 2,501 debentures to the Stride Ventures debt fund.
According to the business plan that the board approved, Lohum will use these proceeds for marketing, capital expenditures, and general corporate purposes, the company stated in the filing.
After the new funding, Cactus Partners and Singularity Growth Opportunities control 2.89% and 1.62% of the company, respectively, while Baring Private Equity owns 5.58%. The company is reportedly valued at approximately Rs 3,470 crore, or $422 million, after allocation, according to the media.
In January 2021, the business had previously raised $7 million. As part of the series B, which began in August of last year, it has already raised $23 million. It was reportedly in discussions to raise $100 million for a Series B financing round.
Using integrated battery recycling, raw material refining, and battery repurposing, Lohum asserts that it is among the biggest manufacturers 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.
Lohum’s revenue increased by 2.9 times to Rs 308 crore in FY23 from Rs 106 crore in FY23, demonstrating an impressive financial performance. During the same time frame, the company reported making Rs 8.88 crore in profit.
