S’pore VC Charges Up Reli­cell

Vin­tage En­ergy & Re­sources in­vests $8 mil­lion in Green­vi­sion Tech­nolo­gies

The Economic Times - - Disruption: Startups & Tech - Our Bureau

Ben­galuru: Sin­ga­pore-based ven­ture fund Vin­tage En­ergy & Re­sources has in­vested $8 mil­lion (.`52 crore) in Ben­galuru-based Green­vi­sion Tech­nolo­gies, a com­pany en­gaged in re­search, de­sign and man­u­fac­ture of lead-acid bat­ter­ies.

Founded by first-gen­er­a­tion en­trepreneurs Biju Bruno (48) and Atul Me­hta (52), the eight-year-old com­pany was orig­i­nally into IT, and en­tered into bat­tery man­u­fac­tur­ing only about three years ago. The firm earned about .₹ 100 crore in rev­enues in 2015-16, and is tar­get­ing a 10-fold in­crease in rev­enues in 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,” Bruno said. “We have been ex­port­ing for two years to mid­dle-east and Africa,” he added.

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.

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