Exclusive: Battery tech startup LOHUM set to raise Rs 1,000 Cr in pre-IPO
Battery tech startup LOHUM is planning to raise Rs 1,000 crore (or $112 million) in its Series C round, which is likely to be its pre-IPO round, according to two sources familiar with the matter.
"The firm plans to go public within the next 12 to 18 months, and this will be its final private round," said one of the sources, requesting anonymity since the discussions are not yet public. "I9 Capital and Singularity Ventures are set to lead the round, with existing backers also participating."
According to the sources, Lohum has already raised Rs 400 crore over the past six months through a mix of equity and debt. The equity came from existing shareholders and senior leaders from affiliated industries, while the debt was secured from private sector banks and NBFCs.
"The terms of the deal have been finalised, and if nothing changes at the last moment, the transaction will be completed in the next couple of months," said the second source, who also requested anonymity.
Earlier this week, it was reported that the company closed a pre-Series C round of $15 million led by Growth I9 Opportunity LLP with the participation of existing investors, including Baring Private Equity, Singularity Growth, Asiana Fund, and others. This round appears to form part of the Rs 400 crore mix of debt and equity.
Queries sent to Lohum and Singularity Growth on Tuesday did not receive a response. The story will be updated if they respond.
About LOHUM:
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, backed by its integrated battery recycling, raw-material refining, and repurposing operations.
According to startup data intelligence platform TheKredible, Lohum has raised over $150 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.