Innovlite, a Bangalore-based company engaged in the manufacturing of LED lighting systems, is raising funding from a group of angel investors. The investors include serial entrepreneur K Ganesh, CEO TutorVista; Sreenivasan (Ramki) Ramakrishnan, ex-CEO Marketics; and V Shankar, managing director, CAMS, said a company statement.
The company believes the investors will bring to the table their knowledge and expertise of scaling up a business, besides financial support. Innovlite manufactures energy efficient lighting systems, which is an attractive space for PE/VC players these days.
Raghav BR, founder and director, Innovlite, said, in the statement, “Given the current environmental crisis coupled with our rapidly growing client base, the funding comes at a time when we want professionals who can stay with us long term. Apart from growing our presence nationwide, we seek to receive insights and resources that are of tremendous value for the success of an early stage company like ours.”
K Ganesh, CEO, TutorVista, said, “We are pleased to build significantly on our special relationship with Innovlite to strengthen their position in the fast-growing LED lighting business. I do believe that there will be a shift from conventional lighting systems (like incandescent and CFLs) to LED. Also government subsidies announced in the latest budget will provide a big boost to this market.”
Sreenivasan Ramakrishnan, ex-founder and CEO, Marketics, said, in his statement, “The investment is aimed at fully assisting Innovlite capitalise on the first-mover advantage and drive adoption across key customer segments. We are seeing a mini green revolution amongst corporates in India who are measurably reducing their carbon footprint -- and LED lighting is a simple yet giant step in this direction.”
Innovlite was launched in 2005 and offers a portfolio of general and speciality LED lighting solutions in consumer, commercial and government lighting space. While in rural India, it sells solar lantern and solar home lighting products, the company offers home lighting fixtures, torch and home emergency lights to urban consumers. It is also is an original equipment manufacturer (OEM) of LED lighting solutions to India's major solar photo voltaic and thermal manufacturers.
In another development in lighting space today, private equity major Actis, which has earlier invested in Halonix, a leading lighting solutions provider in compact flurocent lamps (CFL), is also looking at stake in Halonix's yet to happen de-merged entity to actively involve in the lighting business segment.