Noida-based data analytics and AI platform Lumiq is set to raise Rs 50 crore (approximately $5.2 million) in a Series B funding round led by Bajaj Finserv Ventures, with participation from existing investor Info Edge, according to regulatory filings sourced from the Registrar of Companies.
The round marks Lumiq’s first fundraise in nearly four years, following a $5.5 million Series A led by Info Edge in October 2022.
Bajaj Finserv Ventures will lead the round with an investment of Rs 45 crore, while Info Edge will contribute Rs 5 crore, Entrackr reported. The board has passed a special resolution to issue 2,511 Series B compulsorily convertible preference shares at an issue price of Rs 1,99,111.66 per share to raise the amount.
The fresh funding is estimated to value Lumiq at around Rs 440 crore post-money, a nearly 38% increase from its Series A valuation of Rs 320 crore. Proceeds will be used to support expansion plans and meet growing business and operational requirements.
What is Lumiq
Founded by Shoaib Mohammad and Vaibhav Dobriyal, Lumiq is a data and AI platform focused on the BFSI sector. The company helps banks, insurers, and other financial institutions build and manage data platforms through its flagship product emPower, and claims to have delivered more than 40 implementations globally, employing over 350 data and AI specialists.
Shareholding post-allotment
Following the allotment, Info Edge will remain the largest external shareholder with a 27.76% stake, followed by Bajaj Finserv Ventures at 10.23%. Co-founders Shoaib Mohammad and Vaibhav Dobriyal will retain 30.05% and 9.05% stakes respectively.
Financials
The company is yet to file its financial statements for FY26. In FY25, operating revenue grew marginally to Rs 71.79 crore from Rs 68.78 crore in FY24, while losses widened to Rs 21.64 crore from Rs 8.30 crore during the same period, Entrackr reported.
