Singapore-based venture fund Vintage Energy & Resources has invested $8 million (Rs 52 crore) in Bengaluru-based Greenvision Technologies, a company engaged in research, design and manufacture of lead-acid batteries.
Bengaluru | April 22, 2016 02:23 PM IST.
Founded by first-generation entrepreneurs Biju Bruno (48) and Atul Mehta (52), the eight-year-old company was originally into IT, and entered into battery manufacturing only about three years ago. The firm earned about Rs 100 crore in revenues in 2015-16, and is targeting a 10-fold increase in revenues in two years.
“Our battery business is a new one, and we got there because we discovered that the market potential is huge for batteries, especially in emerging sectors like solar and electric vehicles,” Bruno said. “We have been exporting for two years to middle-east and Africa,” he added.
The firm runs a manufacturing facility at Hosur in Tamil Nadu, and sells its products under the brand name Relicell. The firm has sold a minority stake in its Series-A funding. “We have worked on the lead acid battery technology and have filed five patent applications for our innovations,” Bruno said.
Source: ET Bureau.