Delhi-based battery technology pioneer LOHUM is preparing to raise USD 112 million (~INR 1,000 crore) in what is expected to be its pre-IPO or Series C round, marking a major milestone in its journey toward a public listing. According to sources familiar with the development, this round will likely be the company’s final private fundraise before going public within the next 12 to 18 months.
I9 Capital and Singularity Ventures to Lead the Round
Two individuals with direct knowledge of the discussions revealed that I9 Capital and Singularity Ventures are set to lead the upcoming round, with participation expected from existing investors as well. Over the past six months, LOHUM has already mobilized around INR 400 crore through a blend of equity and debt, sourced from existing shareholders, industry leaders, and financial institutions, including private sector banks and NBFCs.
“The terms of the deal have been finalised, and unless something changes at the last moment, the transaction will close in the next couple of months,” said one of the sources, requesting anonymity due to the sensitive nature of the talks.
LOHUM’s Pre-Series C Round Set the Stage
This development closely follows LOHUM’s recently reported pre-Series C round of INR 131.4 crore (USD 15 million) led by Growth I9 Opportunity LLP, as revealed through filings with the Registrar of Companies (RoC). That round also saw participation from Baring Private Equity, Singularity Growth, Asiana Fund, Rainbow Investments, and a group of 18 other investors, including several high-net-worth individuals.
The board resolution for this pre-Series C round approved the issuance of 748 compulsorily convertible preference shares (CCPS) at an issue price of INR 17,56,714 each. Growth I9 Opportunity LLP led with INR 31.8 crore, followed by Baring Private Equity (INR 25.12 crore), Samriddhi Sehgal (INR 13.35 crore), Asiana Fund (INR 12.12 crore), and Rainbow Investments (INR 9.83 crore). The balance was contributed by Singularity Growth and other angel investors.
According to regulatory filings, the raised capital will support capital expenditure, marketing initiatives, and general corporate purposes, as the company scales its operations in preparation for a potential IPO.
Strong Financial Growth and Industry Position
Founded in 2018 by Rajat Verma, LOHUM has established itself as a leader in sustainable battery technology, focusing on lithium-ion mobility and energy solutions. The company’s business model revolves around battery reuse, recycling, and raw material refining, giving batteries multiple lifecycles and minimizing environmental impact — a concept central to the energy transition economy.
Data from TheKredible, a startup intelligence platform, indicates that LOHUM has raised over USD 150 million (~INR 1,330.57 crore) to date. Its key investors include Baring Private Equity, Singularity Growth, Cactus Partners, and Asiana Fund.
Financially, LOHUM has demonstrated robust performance. In FY24, the company reported a 72% year-on-year increase in operating revenue to INR 529 crore, while profits surged more than threefold to INR 28 crore. Although its FY25 results have not yet been disclosed, the trajectory underscores growing demand for its technology and services.
Towards a Public Market Debut
With this forthcoming INR 1,000 crore raise, LOHUM appears poised to solidify its balance sheet and scale manufacturing and recycling capacities ahead of its planned IPO in 2026–2027. Industry watchers view this as a strategic move to strengthen its capital base and market readiness, especially amid surging global demand for battery recycling and second-life applications.
If completed as planned, this pre-IPO fundraising round will further cement LOHUM’s standing as one of India’s foremost players in sustainable battery materials and circular energy technology, paving the way for one of the most anticipated clean-tech IPOs in the country’s recent history.
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