LOHUM Announces Baring Private Equity Partners’ INR 370 Crore Partial Exit at Over 20x MOIC

Five years after its initial investment, Baring Private Equity Partners (India) completed a partial exit while remaining a significant shareholder in LOHUM through its other funds.

LOHUM and Baring Private Equity Partners (India) announced that Baring Private Equity Partners (India) realised approximately INR 370 crore through a partial exit from a fund that has crossed the end of its term. The transaction generated a return of over 20x on invested capital (MOIC) and an IRR of more than 80%. Baring remains a significant shareholder in LOHUM through its other investment funds.

Baring first invested in LOHUM in 2020 after identifying the company's leadership, technology, and its potential to support India's position in global critical minerals and advanced materials supply chains.

The company stated that the transaction also reflects its employee ownership approach. According to LOHUM, it has enabled more than INR 100 crore in cumulative ESOP liquidity for employees to date.

The company further said that a significant portion of the transaction was taken up by existing investors and their limited partners (LPs), who increased their investment in LOHUM.

Over the past five years, LOHUM has expanded its capabilities in refining and recycling critical minerals, including cobalt, copper, lithium, nickel, and platinum group metals. The company also manufactures advanced materials such as precious metal catalysts, rare earth magnets, and cathode active materials (CAM). It stated that its operations include recycling and refining critical materials from industrial and energy transition waste, along with sustainable extraction from primary sources.

Commenting on the milestone, Rahul Bhasin, Founder & Managing Partner, Baring Private Equity Partners, said:

"We first invested in LOHUM in 2020 because we were deeply impressed by the vision, ambition, and execution capabilities of its leadership team, alongside its differentiated technology. Just as importantly, we shared the conviction that India has the opportunity to become a global leader in critical minerals and advanced materials supply chains. Building a category-defining company in an emerging industry is never easy. The LOHUM team has consistently demonstrated the foresight to anticipate where the market was headed and the discipline to execute that vision. Across cobalt, copper, lithium, nickel, CAM, precious metal catalysts, and rare earth magnets, LOHUM has built a platform we believe will only grow more critical to India's and the world's supply chains. To the entire LOHUM leadership and team, thank you for your partnership and for setting such a high bar through your relentless focus, resilience, and execution. We remain proud long-term shareholders through our other funds and have never been more optimistic about LOHUM's future."

Speaking on the partnership, Rajat Verma, Founder & CEO, LOHUM, said:

"Baring believed in LOHUM back in 2020, when building a homegrown, world-class critical minerals and advanced materials ecosystem in India was still an unproven idea. Their conviction, patience, and support over the last five-plus years have been instrumental in getting us to where we are today. To have delivered a return of this scale for our first institutional investor, while also putting over INR 100 crore back into the hands of our own employees by facilitating ESOP liquidity, tells us we're building the right way for our shareholders, for our people, and for the country's ambitions in critical minerals and advanced materials."

"We're proud that this milestone reflects the values we've built the company around: broad-based ownership, long-term thinking, and a genuine belief in India's potential to lead in this industry globally through technological innovation. We're just as encouraged that our existing investors chose to lean in further. That confidence, alongside Baring's continued partnership through its multiple funds, gives us tremendous conviction as we scale our capabilities across sustainable critical minerals and advanced materials. This is a proud milestone, but we see it as one marker on a much longer journey," added Mr. Verma.