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Exclusive: Battery tech startup LOHUM to begin pre-series C with $15 Mn

EntrackrEntrackr · 1m ago
Exclusive: Battery tech startup LOHUM to begin pre-series C with $15 Mn
Medial

Exclusive: Battery tech startup LOHUM to begin pre-series C with $15 Mn Battery tech startup LOHUM is set to raise Rs 131.4 crore ($15 million) in a pre-Series C round led by Growth I9 Opportunity LLP, with participation from Baring Private Equity, Singularity Growth, Asiana Fund, and others. This funding follows its $54 million Series B round raised in March 2024. The Lohum’s board passed a resolution to approve the issue of 748 pre-Series C CCPS at an issue price of Rs 17,56,714 each to raise the amount mentioned above, according to its filing with the Registrar of Companies. Growth I9 Opportunity LLP will lead the round with Rs 31.8 crore ($3.6 million), followed by Baring Private Equity at Rs 25.12 crore. Samriddhi Sehgal will also join with an investment of Rs 13.35 crore, while Asiana Fund and Rainbow Investments will contribute Rs 12.12 crore and Rs 9.83 crore, respectively. The remaining amount will be covered by Singularity Growth and 18 other investors, including a clutch of angel investors. According to the filing, the funds will be used for capital expenditure, marketing, and general corporate purposes. As per Entrackr’s estimates, the firm will be valued at around Rs 4,265 crore or around $485 million post-money. Founded in 2018, LOHUM builds next-gen Li-ion mobility and energy solutions by giving batteries multiple lives through reuse and extending battery materials indefinitely through recycling. It claims to be one of the largest producers of sustainable energy-transition materials. According to startup data intelligence platform TheKredible, Lohum has raised over $120 million to date, having Baring Equity, Singularity Growth, and Cactus Partners among the firms on its cap table. The Delhi-based company posted a 72% year-on-year increase in operating revenue to Rs 529 crore in FY24, while its profits surged over 3X to Rs 28 crore. The company has yet to disclose its FY25 numbers.

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B

EntrackrEntrackr · 3d ago
Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B
Medial

Exclusive: EV-focused fintech startup Turno to raise $5.5 Mn in pre-Series B Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. Commercial electric vehicle (EV) distribution and financing platform Turno is raising Rs 50 crore or $5.5 million in its pre-Series B round from Stellaris Ventures and with the participation of B Capital, Quona Accion Inclusion Fund, and BII. Turno members at the extraordinary general meeting (EGM) have approved a special resolution to issue 19,604 pre-Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 25,509 per share, aggregating to a total fundraise of Rs 50.01 crore, according to its regulatory filings accessed from the Registrar of Companies (RoC). Existing investor British International Investment will invest Rs 20 crore, followed by Stellaris Venture Partners with an investment of Rs 15 crore, while B Capital and Quona will invest Rs 10 crore and Rs 5 crore, respectively. As per Entrackr’s estimates, the company will be valued at around Rs 492 crore ($55 million) post-money. The fresh capital will be utilised to support the company’s growth and expansion plans, meet operational requirements, and fund general corporate purposes. Following the pre-series B round, Stellaris Venture Partners will hold a 19.49% stake in Turno, while B Capital, British International Investment, and Quona Accion Investment will hold stakes of 8.63%, 7.03%, and 6.79%, respectively. Founded by Hemanth Aluru and Sudhindra Reddy, Turno is a commercial vehicle marketplace which sells three-wheel EVs such as Mahindra & Mahindra, Piaggio, Euler Motors, and Etrio among others. It also provides financing options across Delhi, Telangana, and Maharashtra. Turno has raised around $28 million to date, including $5.5 million in May last year and $13.8 million in its Series A round in February 2023. The company is yet to file its FY25 financials. For the fiscal year ended March 2024, Turno posted Rs 3.67 crore in revenue in FY24, while its losses expanded by 18.5% to Rs 31.87 crore.

Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn

EntrackrEntrackr · 29d ago
Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn
Medial

Exclusive: Dhruva Space to kick off pre-Series B with $6 Mn Space-tech startup Dhruva Space is raising Rs 51.76 crore ($6 million) in a pre-Series B round led by AVCF1 (Aditum Venture Capital Fund), with participation from 33 other investors. According to the company’s regulatory filings, the board has cleared a special resolution to issue 1 equity share and 553 pre-Series B preference shares at Rs 9,34,429 per share, aggregating to the total fundraise. AVCF1 will anchor the round with Rs 26.16 crore, while Aranya Holding Ventures LLP will contribute Rs 10 crore. The rest of the capital will come from Hyderabad Angel Fund, AR Enterprises, Ativira Technologies, and a clutch of other angel investors. As per Entrackr’s estimates, Dhruva Space’s post-money valuation stands at around $215 million after the round. With this, the Hyderabad-based company has raised over $22 million to date, including its $15 million Series A backed by Indian Angel Network Alpha Fund, Blue Ashva Capital, Silverneedle Ventures, BITEXCO Group, IvyCap Ventures, Mumbai Angels, and the Blume Founders Fund. Founded by Sanjay Nekkanti and Chaitanya Dora, Dhruva Space has launched eight payloads over the past 24 months, including the Thybolt satellites in November 2022 and the LEAP-TD mission on January 1, 2024. The company operates across the space, launch, and ground segments, offering satellites, earth stations, and launch services. India’s private space-tech ecosystem has been on a steady funding upswing, with startups such as Agnikul Cosmos, Skyroot Aerospace, Pixxel, Bellatrix, GlaxEye, Vesta Space, Digantara and InspeCity drawing investor interest. Dhruva Space’s latest round adds to this momentum as the sector continues to expand its capabilities and global relevance.

Exclusive: Finnable to raise Rs 250 Cr in new round

EntrackrEntrackr · 3m ago
Exclusive: Finnable to raise Rs 250 Cr in new round
Medial

Exclusive: Finnable to raise Rs 250 Cr in new round Digital lending platform Finnable is set to raise Rs 250 crore (approximately $29 million) in its pre-series C round from Matrix Partners, TVS Capital, and India Nippon Electricals Limited. The company has passed a board resolution and allotted 3,35,238 Pre-Series C preference shares at an issue price of Rs 3,788.35 each and secured Rs 127 crore or $14.7 million. During the first tranche of the pre-series C round of Rs 127 crore, Matrix Partners has injected Rs 125 crore, while India Nippon pumped in Rs 2 crore. The remaining funds are expected to be infused shortly, completing the round. The development comes six months after Ranjan Pai’s family office invested Rs 40 crore in the company. According to Entrackr’s estimates, the company would be valued at Rs 1,300 crore or $150 million post-money. Before this round, MEMG Family Office LLP held 18.69% in Finnable, while Matrix Partners India and TVS Shriram Growth owned 14.53% and 8.05%, respectively. Co-founder and CEO Nitin Gupta retained over 24%. The cap table is set to shift with the fresh infusion from Matrix and TVS, alongside dilution of the founders’ stake. Founded in 2016 by ex-bankers Nitin Gupta, Amit Arora, and Viraj Tyagi, Finnable is a Bengaluru-based fintech startup offering personal loans to salaried professionals. The company is at the AUM of Rs 3,000 crore and has served over 2.7 lakhs customers. Finnable has yet to file its FY25 numbers. In FY24, the company posted a revenue of Rs 181.7 crore with losses of Rs 5.88 crore.

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