Lohum Revenue, Valuation, Funding & Investors

Lohum is valued at $422M as of March 2024, a 7.4x multiple on its last reported $57M revenue.

See full Lohum profile

Last Lohum valuation

$422M

Series B · Mar 2024

Last Lohum funding round

$24M

Undisclosed stage · Jul 2026

Lohum revenue

$57M

Series B · Mar 2024

Key investors in Lohum

  • Baring Private Equity Partners India
  • VenturEast
  • Cactus Partners
  • Stride Ventures
  • Tracxn Labs
  • Singularity AMC

Lohum Overview

About Lohum

Lohum is a Greater Noida-based lithium-ion battery recycler and pack assembler supplying cathode precursors to Indian EV makers like Ola Electric and Hero MotoCorp. Its hydrometallurgical plant recovers 95% nickel, cobalt, and lithium from spent cells processed at 10,000 tons annually. Lohum manufactures 100kWh packs for two-wheelers and e-rickshaws using recycled materials. Facilities in Jammu recover graphite anodes for stationary storage.


Founded

2017

HQ

IndiaNoida

Website

lohum.com

Status

Privately held

Customer focus

B2B

Revenue model

Product sales

Revenue

$57M (Mar 2024)

Valuation

$422M (Mar 2024)

Lohum Valuation

Lohum is currently valued at $422M, based on its Series B in March 2024.

The $54M round was led by Singularity AMC, with participation from Baring Private Equity Partners India, Mukul Mahavirparasad Agarwal, Madhuri Madhusudan Kela, Tracxn Labs, Cactus Partners and 2 other investors.

Lohum's valuation has grown 2.1x from $204M at its Series B in February 2024 to $422M in March 2024, across 2 priced rounds.

Lohum valuation by funding round

Revenue multiple
Lohum valuation by funding round
DateStageValuationRevenue Multiple
Mar 2024Series B$422M7.4x
Feb 2024Series B$204M3.6x

Lohum Revenue

Lohum's latest recorded revenue is $57M, as of its Series B in March 2024. At a $422M valuation, that implies a 7.4x revenue multiple.

Revenue moved from $57M in February 2024 to $57M in March 2024, while the revenue multiple moved from 3.6x to 7.4x.

Lohum revenue by funding round

Lohum revenue and valuation multiple by funding round
DateRevenue *ValuationRevenue MultipleStage
Mar 2024$57M$422M7.4xSeries B
Feb 2024$57M$204M3.6xSeries B

* Revenue (or ARR) figures are the values recorded alongside each funding round. Typically run-rate revenue at the time of the deal, or a reported LTM (last 12 months) revenue.

Lohum Funding History

Lohum has raised a total of $108M across 4 funding rounds.

Lohum's first fundraising round was a $7M Series A in January 2021. The most recent completed round was a $24M undisclosed-stage round in July 2026.

Lohum funding rounds

Lohum funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jul 2026Undisclosed stageAmbit Global Private Client (lead)$24M-Ambit Global Private Client, through Poonawalla Vision Fund-1 and select family offices, invested INR 2,300 million in Lohum Cleantech in July 2026. The transaction was announced as a private markets investment; no acquisition structure, cash-stock split, or earn-out was disclosed. The investment fits Lohum’s broader expansion agenda as the company was separately reported to be preparing for a larger capital raise to support growth and an eventual IPO in early 2027. Lohum operates in battery recycling and sustainable energy transition materials, and prior funding rounds included backing from Baring Private Equity and other investors. Ambit GPC said its private markets platform has deployed more than INR 8,000 million across 26 high-conviction investments, with the portfolio currently valued at INR 22,000 million. PVF1 is described as a Category II alternative investment fund with a corpus of about INR 10,500 million, 12 investments to date, and roughly 60% of capital deployed within three months of final close. The fund’s reported internal rate of return is around 40% and its multiple on invested capital is 1.4x.
Mar 2024Series BSingularity AMC (lead); Baring Private Equity Partners India; Mukul Mahavirparasad Agarwal; Madhuri Madhusudan Kela; Tracxn Labs; Cactus Partners; VenturEast; Vyoman$54M$422MLohum is India's largest producer of sustainable energy transition materials through battery recycling, raw material refining, and battery repurposing, offering an end-to-end in-house ecosystem for integrated battery lifecycle management. In March 2024, Lohum raised $54 million (₹450 crore) in Series B funding led by Singularity AMC (also referred to as Singularity Growth), with participation from Baring Private Equity Partners India, Cactus Partners (Cactus Venture Partners), Venture East (VenturEast), Vyoman, Madhuri Madhusudan Kela, Mukul Mahavirparasad Agarwal (Mukul Agrawal), and others. The funding occurred at a post-money valuation of around $500 million, with nearly 90% as equity and the rest as venture debt; sources note this as the primary Series B round distinct from a prior $14.42M Series B-II tranche also on March 11 involving some overlapping investors. The funds are allocated to fuel market expansion, scale recycling operations in India, enter new markets in North America, the EU, the Middle East, Africa, and Asia, hire top talent, and advance R&D in critical minerals like Nickel, Cobalt, and Pre-CAM materials. Lohum reported operating revenue of ₹529 crore in FY24 (year-on-year growth of 72%) and profits of ₹28 crore (more than 3x increase), demonstrating strong financial traction in the battery recycling sector. Post this round, Lohum planned further fundraising including a $200M push ahead of IPO ($100M Series C and $100M pre-IPO), and by late 2024 entered pre-Series C raising ~$15M at ~$485M valuation led by Growth I9 Opportunity LLP with Baring, Singularity, and others for capex, marketing, and expansion. The company aims to boost recycling capacity to 1 million units per annum and positions itself as a global player in circular economy for energy transition materials from an India base.
Feb 2024Series BBaring Private Equity Partners India (lead); Ansh Vora; Stride Ventures; Chhattisgarh Investment Limited; Manas Tandon; Kunal Babani; Cactus Partners; VenturEast; Michael Schwab$23M$204MLohum is a Delhi-based battery recycling and sustainable energy-tech startup that produces critical materials for the energy transition through battery recycling, raw material refining, and battery repurposing for second-life applications like energy storage systems. The company raised $23 million in a Series B tranche in February 2024 led by Baring Private Equity Partners India, with participation from investors including Cactus Partners, Venture East, and others, as part of a larger Series B effort totaling $54 million by March 2024 involving Singularity Growth, Baring Private Equity, Cactus Venture Partners, and Venture East. Funds supported global expansion into North America, EU, Middle East, Africa, and Asia, capital expenditure, marketing, and operations scaling. Baring Private Equity holds 5.58% post-investment. Lohum demonstrated strong financial traction in FY24 with operating revenue growing 72% year-on-year to ₹529 crore and profits surging over threefold to ₹28 crore, reflecting demand for battery lifecycle management services. Post-Series B, Lohum pursued further growth, approving a pre-Series C round of ₹131.4 crore (~$15M) led by Growth I9 Opportunity LLP with Baring Private Equity (₹25.12 crore) and others, at an issue price implying Entrackr's estimated post-money valuation of ₹4,265 crore (~$485M). Total funding raised exceeds $120-150M across rounds, with key cap table names including Baring Private Equity, Singularity Growth, and Cactus Partners. The company continues mobilizing equity and debt for pre-IPO ambitions, including a planned ₹1,000 crore raise.
Jan 2021Series ABaring Private Equity Partners India (lead); Talbros Automotive$7M-Lohum raised $7 million in a venture round in January 2021 led by Baring Private Equity Partners India, with participation from Talbros Automotive, to enhance its battery recycling and repurposing capabilities. The company operates in battery manufacturing, recycling, and sustainable energy-tech, focusing on lithium-ion battery materials.

Who has invested in Lohum?

16 investors have backed Lohum across its funding rounds, including Baring Private Equity Partners India, VenturEast, Cactus Partners, Stride Ventures, Tracxn Labs and Singularity AMC.

Lead investors include Ambit Global Private Client, Singularity AMC and Baring Private Equity Partners India.


Lohum Investors

Investors in Lohum by funding rounds participated
InvestorHQRoundsRoleFirst check
Baring Private Equity Partners IndiaIndiaGurgaon3LeadJan 2021
Cactus PartnersIndiaMumbai2ParticipantFeb 2024
VenturEastIndiaHyderabad2ParticipantFeb 2024
Ansh VoraUnited StatesUnited States1ParticipantFeb 2024
Singularity AMCIndiaMumbai1LeadMar 2024
Stride VenturesIndiaNew Delhi1ParticipantFeb 2024
Mukul Mahavirparasad AgarwalIndiaIndia1ParticipantMar 2024
Chhattisgarh Investment Limited--1ParticipantFeb 2024
Talbros AutomotiveIndiaIndia1ParticipantJan 2021
Madhuri Madhusudan KelaIndiaIndia1ParticipantMar 2024
Manas TandonIndiaMumbai1ParticipantFeb 2024
Kunal BabaniIndiaIndia1ParticipantFeb 2024
Tracxn LabsIndiaBangalore1ParticipantMar 2024

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Lohum Competitors

Lohum competitors include listed companies like Hexagon Composites and FTAI Infrastructure, and private ones like Xingchen New Energy, Ambri, Battery Smart and Instagrid.

Public and private companies comparable to Lohum
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Xingchen New EnergyChinaBeijingPrivate$145M-$435M3.0x
Hexagon CompositesNorwayNorwayPublicly listed$314M($83M)$444M1.7x
AmbriUnited StatesBoston, MAPrivate--$400M-
Battery SmartIndiaGurgaonPrivate$18M-$450M25.0x
InstagridGermanyStuttgartPrivate--$450M-
FTAI InfrastructureUnited StatesUnited StatesPublicly listed$503M$243M$330M6.3x

Lohum Public Comps

Lohum is still privately-owned, but its public comps include Hexagon Composites, FTAI Infrastructure, Electrovaya, American Battery Tech, Alfen, Solid Power, Microvast, Factorial Energy, Veken Technology Co and Matthews International.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Hexagon Composites$314M($83M)1.8x1.7x(6.9x)21.2x
FTAI Infrastructure$503M$243M8.2x6.3x17.0x14.5x
Electrovaya$64M$5M5.5x4.9x65.2x31.2x
American Battery Tech$22M($69M)12.5x11.3x(3.9x)(12.7x)
Alfen$502M$24M0.6x0.5x11.4x10.4x
Solid Power$18M($87M)19.3x38.3x(4.0x)(4.3x)
Microvast$428M$3M0.7x0.8x122.6x9.6x
Factorial Energy-($63M)--(8.0x)-

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Common questions about Lohum

When was Lohum founded?Lohum was founded in 2017.
Where is Lohum headquartered?Lohum is headquartered in Noida, India.
Is Lohum publicly listed?No, Lohum is a private, VC-backed company.
What is Lohum's valuation?Lohum was last valued at $422M in its Series B in March 2024.
How much funding has Lohum raised?Lohum has raised $108M across 4 funding rounds.
What was Lohum's last funding round?Lohum's last funding round was a $24M undisclosed-stage round in July 2026, led by Ambit Global Private Client.
Who are Lohum's investors?Lohum's investors include Baring Private Equity Partners India, Cactus Partners, VenturEast, Ansh Vora, Singularity AMC, Stride Ventures, Mukul Mahavirparasad Agarwal, Chhattisgarh Investment Limited, Talbros Automotive, Madhuri Madhusudan Kela and 6 others.
What is Lohum's revenue?Lohum's latest recorded revenue is $57M (March 2024).
What is Lohum's revenue multiple?Lohum's latest valuation implies a 7.4x revenue multiple ($422M valuation on $57M of revenue).
Which companies are comparable to Lohum?Companies comparable to Lohum include Xingchen New Energy, Hexagon Composites, Ambri, Battery Smart, Instagrid and FTAI Infrastructure.

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