[Funding alert] LivGuard raises Rs 220 Cr from ChrysCapital, and Ncubate Capital
Energy storage space company LivGuard Energy Technologies announced on Thursday that it has raised Rs 220 crore from private equity fund ChrysCapital, and Ncubate Capital Partners. Accounting company Grant Thornton was the financial advisor for the transaction.
In a statement, Raghav Ramdev, Director of ChrysCapital, said:
"LivGuard has scaled well over the past few years and has built a strong pan-India distribution network along with an excellent manufacturing footprint."
Founded in 2014 by Rakesh Malhotra and Navneet Kapoor, LivGuard manufactures automotive battery, inverter battery, and solar batteries. Operating under SAR Group (founding promoters of Luminous), LivGuard has scaled to up to Rs 1,400 crore in revenue, according to the statement.
Co-founder and Mentor Rakesh said:
“This investment will accelerate our existing business plans and develop future technologies. Since, there is space for a strong player in the market this investment will help us to grow further in this sector.”
LivGuard raised over Rs 170 crore from ChrysCapital, and another Rs 50 crore from Ncubate Capital Partners, the investment arm of SAR Group.
According to the release, LivGuard will be using the freshly raised funds to accelerate its growth through capacity enhancement, moving into electric vehicle lithium battery space, product development, branding, and distribution.
Chairman and Co-founder Rakesh said, “With this strategic funding, we are looking forward to augment innovation and technology to scale up our product portfolio and manufacturing across the country.”
Besides being present in India, LivGuard is operational in Nepal, Sri Lanka, Saudi Arabia, Yemen, Bahrain, Kuwait, Qatar, Oman, the UAE, Kenya, Uganda, and Zambia.
Gurpreet Singh Bhatia, CEO of LivGuard said, "The investment is crucial for us to build the brand, distribution thereby ensuring a sustained accelerated growth.”