Company Background
Founded by Shoaib Mohammad and Vaibhav Dobriyal, Noida-based Lumiq provides a specialized data and AI platform designed specifically for the Banking, Financial Services, and Insurance (BFSI) sector. Their flagship product, emPower, enables financial institutions to effectively build and manage data platforms to drive decision-making.
Deal Terms and Investors
Lumiq is raising Rs 50 crore ($5.2 million) in a Series B round led by Bajaj Finserv Ventures, which is contributing Rs 45 crore. Existing investor Info Edge is participating with an additional Rs 5 crore. The transaction involves the issuance of 2,511 Series B CCPS at a price of Rs 1,99,111.66 per share.
Market Context and Traction
This funding values the company at approximately Rs 440 crore ($46.3 million), marking a 38% valuation increase since its 2022 Series A. While the company has seen consistent revenue—recording Rs 71.79 crore in FY25—it is currently balancing expansion with widening losses, which reached Rs 21.64 crore in the same period. Lumiq currently claims over 40 global implementations and a workforce of over 350 specialists.
Founder Takeaways
- Strategic Capital: Bringing in an industry-heavyweight like Bajaj Finserv Ventures serves as both capital and a potential major distribution channel for BFSI-focused SaaS products.
- Valuation Resilience: Despite widening losses, the firm achieved a healthy step-up in valuation, underscoring investor demand for high-utility, industry-specific AI infrastructure.