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Electrical appliances maker V-Guard invests in battery startup Gegadyne

By Joseph Rai

  • 15 Jan 2021
Electrical appliances maker V-Guard invests in battery startup Gegadyne
Credit: 123RF.com

Gegadyne Energy Labs Pvt. Ltd on Friday said it has received a strategic investment of $5 million (Rs 36.5 crore) from electrical appliances maker V-Guard Industries Ltd.

Gegadyne was founded in 2015 by Jubin Varghese and Ameya Gadiwan. The Mumbai-based startup claims it has energy-efficient and eco-friendly alternatives to conventional lithium-ion batteries. 

Gegadyne claims it has built a technology which allows batteries to charge from zero to 100% in around 15 minutes.

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The market for batteries is expected to grow globally at a compound annual growth rate (CAGR) of 15% over the next seven years, it noted.    

The company had raised  an undisclosed amount from Mumbai Angels Network in February 2018.

V-Guard Industries, which was founded in 1997, manufactures electrical appliances. Its products include voltage stabilisers, water heaters, UPS (uninterruptible power source), kitchen appliances and pumps.

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It was one of the first initial public offerings (IPOs) to go through soon after the market crash in January 2008 at a time when various issues were postponed or had to be rolled back for lack of investor interest.

The company, in its annual report, said its revenue declined 3.3% to Rs 2,482 crore for the year ended March 2020, primarily because of the nationwide lockdown towards the fiscal end. March is usually a strong month for companies like V-Guard.

In 2017, V-Guard Industries said it would pick up a majority stake in GUTS Electro-Mech Ltd, a domestic switch gears and current transformers maker.

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