Mumbai: Livguard Energy Technologies Pvt. Ltd, which makes automotive batteries, inverters, stabilizers and residential solar solutions, is betting on lithium-ion batteries for inverters and electric vehicles for its future expansion.
“We will be interested in inorganic growth opportunities in the lithium-ion space, and mainly from a technology partnership route that we may consider but right now, we are focused on understanding its application in the Indian context and developing our product portfolio," said Gurpreet Singh Bhatia, chief executive officer of Livguard Energy Technologies. “We are targeting launches in both home energy and automotive batteries’ segment for lithium-ion by early 2020."
The Gurugram-based firm raised ₹170 crore funding from private equity firm ChrysCapital in April, along with ₹50 crore from Ncubate Capital Partners, the investment arm of Livguard’s parent firm SAR Group. “We want to build this into a billion dollar business in the next 3-4 years," said Bhatia. “We closed last year at sales of ₹1,400 crore and our plan is to double the business this year. Till now, we are on track to deliver this growth by the end of this fiscal year."
Launched in 2014, the energy solutions brand is part of the SAR Group founded by Rakesh Malhotra and Navneet Kapoor. In 2013, the firm sold its power backup business, Luminous Power Technologies to Schneider Electric.
After the sale, the promoters were restricted by a non-compete agreement until October last year to enter the energy storage space. The group also runs a water purifier business under its brand Livpure and another power backup business under its brand LivFast.