ChrysCapital, which marked the close of its eighth sector-agnostic fund earlier this year, has led an investment in energy solutions firm LivGuard Energy Technologies Pvt. Ltd.
The homegrown private equity firm has pumped more than Rs 170 crore (around $25 million) into the company, LivGuard said in a statement. Ncubate Capital Partners, the investment arm of the SAR Group, brought in another Rs 50 crore, it added.
LivGuard will use the fresh capital to expand with the aim of becoming a top-three integrated energy storage company in the country in the next few years.
LivGuard has a product portfolio of inverters/inverter batteries, automotive batteries, stabilisers and solar batteries. It was launched in 2014 and the brand operates under the SAR Group, which had earlier sold its power backup solutions brand Luminous to French engineering company Schneider Electric in 2013.
After the completion of the non-compete agreement with Scheneider last year, LivGuard also entered the inverter, solar and electric vehicle battery businesses. The group also owns water purifier brand Livpure and power specialist brand LivFast.
"This investment will accelerate our existing business plans and develop future technologies. Since there is space for a strong player in the market, this investment will help us to grow further in this sector,” said Rakesh Malhotra, founder and mentor of LivGuard. Navneet Kapoor is the other founder of the firm.
LivGuard said it has scaled to Rs 1,400 crore in revenue, without offering further specifics.
Grant Thornton was the exclusive financial advisor for this transaction.
The private equity firm had completed the fundraising process for its eighth fund in January, overshooting its hard cap of $850 million.
Founded in 1999, ChrysCapital manages assets worth $3 billion. It largely provides growth capital to companies in India across sectors such as consumer goods and business services, infrastructure, manufacturing, healthcare, pharmaceuticals, information technology and financial services sectors.
Its recent investments include a 10% stake in Mankind Pharma for $325 million. ChrysCapital had previously invested in Mankind in 2007 and exited in 2015.
ChrysCapital acquired a majority stake in US-based healthcare BPO firm GeBBS Healthcare Solutions in December last year.