AI And Data Analytics Startup Seeks Fresh Capital After Nearly Four Years
Noida-based data analytics and artificial intelligence platform Lumiq is set to raise Rs 50 crore (approximately $5.2 million) in a fresh Series B funding round led by Bajaj Finserv Ventures, with participation from existing investor Info Edge.
The funding marks Lumiq’s first institutional round in nearly four years. The company had previously raised $5.5 million in its Series A funding round led by Info Edge in October 2022.
According to regulatory filings accessed from the Registrar of Companies (RoC), Lumiq’s board has approved the issuance of 2,511 Series B compulsorily convertible preference shares (CCPS) at an issue price of Rs 1,99,111.66 per share to raise the planned capital.
Bajaj Finserv Ventures will anchor the round with an investment of Rs 45 crore, while existing backer Info Edge will contribute Rs 5 crore.
Valuation Jumps Nearly 38% Since Previous Round
The latest fundraise values Lumiq at approximately Rs 440 crore ($46.3 million) on a post-money basis.
The valuation represents a nearly 38% increase from the company’s previous valuation of around Rs 320 crore during its Series A round.
The fresh capital is expected to support Lumiq’s expansion strategy, strengthen operational capabilities, and help the company meet growing demand for enterprise AI and data solutions across the banking and financial services sector.
The investment also reflects continued investor interest in specialized AI platforms serving regulated industries such as banking, insurance, and financial services.
Lumiq Focuses On AI Solutions For BFSI Sector
Founded by Shoaib Mohammad and Vaibhav Dobriyal, Lumiq develops data and artificial intelligence solutions specifically designed for the banking, financial services, and insurance (BFSI) sector.
Its flagship platform, emPower, helps banks, insurers, and financial institutions build, manage, and modernize their data infrastructure while leveraging AI-driven insights for business operations.
The company claims to have delivered more than 40 implementations across global markets and currently employs over 350 professionals specializing in data engineering, analytics, and artificial intelligence.
As financial institutions accelerate digital transformation initiatives, demand for advanced data management and AI-powered decision-making platforms has increased significantly, creating growth opportunities for companies such as Lumiq.
Shareholding Structure After The Funding Round
Following the completion of the Series B allotment, Info Edge will continue to remain Lumiq’s largest external shareholder with a 27.76% stake.
New investor Bajaj Finserv Ventures will hold approximately 10.23% of the company.
Among the founders, Shoaib Mohammad will retain a 30.05% stake, while co-founder Vaibhav Dobriyal will continue to hold 9.05%.
The ownership structure ensures that the founding team remains significant shareholders while bringing in strategic financial sector investors.
Revenue Growth Continues, Losses Widen
Lumiq is yet to file its financial statements for FY26.
For FY25, the company reported operating revenue of Rs 71.79 crore, reflecting modest growth from Rs 68.78 crore recorded in FY24.
However, losses widened significantly during the period. The company reported a loss of Rs 21.64 crore in FY25 compared with Rs 8.30 crore in the previous fiscal year.
The increase in losses indicates continued investments in talent, product development, and expansion initiatives as Lumiq positions itself for the next stage of growth in the rapidly evolving AI and enterprise data market.
