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Battery tech startup Lohum raises $23 Mn in ongoing Series B

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Battery pack manufacturing and recycling startup Lohum Cleantech has raised $23 million in its Series B round led by Baring Private Equity Partners. This round materialized in August last year and seems to be an ongoing one as the firm is likely to raise more capital. The round also saw the participation of Cactus Partners, Chhattisgarh Investment Limited, Ventureast Proactive Fund, Michael B Schwab Living Trust, Singularity Growth, Stride Ventures, and several angel investors including, Anish Vora, Kunal Babani, Manas Tondon, et al. The board at Lohum has passed a special resolution to issue 1,993 Series B1 CCPS at an issue price of Rs 9,42,467 each to raise Rs 188 crore, its regulatory filing sourced from the Registrar of Companies shows. Baring Private Equity led the round with Rs 70 crore while Cactus Partners and Ventureast Proactive Fund poured in Rs 30 crore and Rs 32 crore, respectively while the rest came from other investors. The seven-year-old company will use these funds to meet capital expenditures, marketing, and general corporate business as decided by the board of directors, the filing added. Following the fresh proceeds, Baring Equity holds 5% of the company while Cactus Partners and Ventureast Proactive Fund command 3.1% and 3.2% stake respectively. As per startup data intelligence platform TheKredible, the company has been valued at around Rs 2,188 crore or $267 million post-allotment. Lohum is a battery pack producer that constructs lithium-ion batteries by assembling cells sourced from various countries, including China and Taiwan. These batteries find application in electric vehicles (EVs) and stationary energy storage solutions (ESS), such as those utilized in telecommunication towers. The company had previously raised $7 million in January 2021 and it was reportedly in talks to raise $100 million in Series B round. Lohum showed an impressive financial performance surging its revenue 2.9X year-on-year to Rs 308 crore in FY23 from Rs 106 crore in FY23. The company also posted a profit of Rs 8.88 crore in the same period.