Singapore-based venture fund Vintage Energy & Resources has recently invested Rs 52 crore ($8 million) in Bengaluru’s Greenvision Technologies, a company involved in the research, design and manufacture of lead-acid batteries.
Founded by fresh-blood entrepreneurs Biju Bruno (48) and Atul Mehta (52), this eight-year-old company was originally into IT, and entered the battery manufacturing sector three months ago. The firm earned about Rs 100 crore revenue FY2015-16, and is now targeting a 10-fold increase in its revenues within 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. We have also been exporting for two years to middle-east and Africa.” Bruno said to the source.
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.