India’s most substantial automotive battery, inverter battery, and solar maker LivGuard has raised Rs 220 crores (approx $2.2 billion) as a strategic investment from ChrysCapital and Ncubate Capital Partners.
ChrysCapital led the new round funding with the participation of Ncubate Capital Partners (an investment arm of the SAR Group) were ChrysCapital invested Rs 170 crores and Rs 50 crore Ncubate Capital Partners respectively.
LivGuard in its statement said that “The company will use the new round funding for the business expansion and for developing future technologies.”
Speaking on the new round funding Rakesh Malhotra, LivGuard, Founder and Mentor said that “We are thrilled about the ChrysCapital investing and is a testament of what we have already achieved to set a strong foundation for future.”
“This investment will accelerate our existing business plans and develop future technologies, as there is a space for a strong player in the market; this investment will help us to grow further in this sector.”
Talking more on the investment, LivGaurd, Co-founder and Chairman, Navneet Kapoor said that “With this strategic funding we are looking forward to augmenting innovation and technology to scale up our product portfolio and manufacturing across the country.”
Commenting on the investment Raghav Ramdev, Director at ChrysCapital said that “ChrysCapital is excited to partner with LivGaurd in its journey to become a leading battery manufacturer. LivGuard has scaled well over the past few years and has built a strong pan-Idia distribution network along with an excellent manufacturing footprint.”
Speaking on the investment LivGuard’s CEO, Gurpreet Singh Bhatia said, “The investment is crucial for us to build the brand, distribution thereby ensuring sustained accelerated growth.”