India’s largest domestic PE firm ChrysCapital just bet Rs 170 crore on this startup; here’s why

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Published: April 4, 2019 7:27:38 PM

ChrysCapital -- India’s largest domestic private equity fund with around $4 billion assets under management has invested Rs 170 crore in energy storage startup LivGuard that manufactures automotive batteries, inverter batteries, and solar panels.

LivGuard raised another Rs 50 crore from Ncubate Capital Partners — a venture capital arm of SAR Group.

ChrysCapital — India’s largest domestic private equity fund with around $4 billion assets under management has invested Rs 170 crore in energy storage startup LivGuard that manufactures automotive batteries, inverter batteries, and solar panels. The company raised another Rs 50 crore from Ncubate Capital Partners — a venture capital arm of SAR Group. LivGuard is currently the part of SAR Group.

LivGuard will deploy capital towards growth towards its foray into across all its electric vehicle lithium battery space, developing new products, brand and distribution.

“There are three big areas where we are looking at in the future, first is electric vehicle battery and capacity, second is technology and product development, and third is expansion of brand and distribution. Product development will be across the storage space — automotive, energy storage, solar, and vehicle mobility,” Gurpreet Singh Bhatia, CEO, LivGuard told Financial Express Online.

Growing by 50 per cent annually, Bhatia said that the opportunity in the aftermarket for energy storage is worth $3.5-4 billion wherein it has around 15-16 per cent market share in electric mobility that is the e-rickshaw space. In the automotive aftermarket, the company has less than 5 per cent share.

Bhatia claimed of closing FY19 with around 1,400 crore revenue, up from around Rs 700 crore in FY18. In the next 12-18 months, “we are looking ahead at a revenue of about Rs 2,500 crore,” he added. The company has four manufacturing factories set up in Himachal Pradesh.

“LivGuard has scaled well over the past few years and has built a strong pan-India distribution network along with an excellent manufacturing footprint,” said Raghav Ramdev, Director, ChrysCapital. The PE fund has so far made more than 80 investments in India and has made over 65 exits.

“With this strategic funding, we are looking forward to augmenting innovation and technology to scale up our product portfolio and manufacturing across the country,” said Navneet Kapoor, Chairman & Co-founder, LivGuard.

Grant Thornton was the financial advisor for the investment.

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