Noida-based AI and data analytics startup Lumiq is set to raise Rs 50 crore in a new Series B funding round. The fresh investment comes nearly four years after the company’s last major funding round and is expected to help it expand its presence in the banking and financial services sector.
According to regulatory filings, Lumiq’s board has approved the issue of 2,511 Series B compulsorily convertible preference shares (CCPS) at a price of Rs 1,99,111.66 per share. The new funding values the company at around Rs 440 crore, representing a 38% increase from its previous valuation.
The funding highlights the growing interest of investors in companies that offer AI and data-driven solutions for financial institutions, an area that continues to see strong demand as businesses focus on digital transformation.
Bajaj Finserv Ventures to Invest Rs 45 Crore
The funding round is being led by Bajaj Finserv Ventures, which will invest Rs 45 crore in the company. Existing investor Info Edge will contribute the remaining Rs 5 crore.
After the transaction is completed, Bajaj Finserv Ventures is expected to hold a 10.23% stake in Lumiq. Meanwhile, Info Edge, one of the startup’s earliest backers, will increase its total shareholding to around 28%.
The investment is seen as a strong vote of confidence in Lumiq’s business model and growth potential. The company plans to use the fresh capital to expand its operations, strengthen its products, and reach more customers in the banking, financial services and insurance (BFSI) sector.
As financial institutions increasingly adopt artificial intelligence, automation and advanced analytics, companies like Lumiq are becoming important technology partners for the industry.
Lumiq’s Growth Journey So Far
Founded by Shoaib Mohammad and Vaibhav Dobriyal, Lumiq develops AI-powered data and analytics products designed specifically for financial services and insurance companies.
Unlike many technology firms that serve multiple industries, Lumiq focuses only on the financial services sector. This specialised approach has helped the company build deep expertise and create solutions tailored to the needs of banks, insurers and other financial institutions.
Today, Lumiq has a team of more than 350 data professionals and has delivered over 40 projects for clients across global markets.
The company raised around $2 million in seed funding in 2021, led by Info Edge Ventures. It later secured $5.5 million in a Series A round in October 2022. That round was also led by Info Edge Ventures and included participation from Season Two Ventures and RedStart Labs.
The Series A funding helped Lumiq expand into international financial services markets. With the new Series B round, the company is now preparing for its next phase of growth.
New Products and AI Focus Drive Expansion
Lumiq has continued to invest heavily in product development. In October 2023, it launched emPower Pryzm, an AI-powered Data Reliability Platform built for financial services companies. The platform helps organisations improve data quality and maintain reliable information across their systems.
In February 2026, the startup introduced LiteCone, a new platform designed to bring Agentic AI capabilities to financial institutions. The launch reflects the growing demand for AI tools that can help businesses improve efficiency, automate processes and make better decisions.
The company has also been expanding through strategic partnerships. Its recent collaboration with Automated Data aims to help financial institutions integrate and manage data more effectively.
Lumiq has received recognition for its work in data analytics and machine learning. The company won the AWS Specialty Partner of the Year award for Data, Analytics and Machine Learning for two consecutive years, strengthening its reputation in the enterprise technology space.
With a higher valuation, strong investor support and increasing demand for AI-powered solutions in the financial sector, Lumiq appears well-positioned for future growth. The upcoming Series B funding round is expected to provide the resources needed to scale its operations, develop new products and expand its reach in India and global markets.