Singapore-based venture fund Vintage Energy & Resources has invested $8 million in Bengaluru-based Greenvision Technologies, a company that was originally into IT, and entered into battery manufacturing only about three years ago. The firm has sold a minority stake in its Series-A funding.
Greenvision engaged in research, design and manufacture of lead-acid batteries and earned about Rs 100 crore in revenues in 2015-16, and is targeting a 10-fold increase in revenues in two years. It was founded by first-generation entrepreneurs Biju Bruno and Atul Mehta, it runs a manufacturing facility at Hosur in Tamil Nadu, and sells its products under the brand name Relicell.
With 11 primary warehousing locations across India, 64 distribution warehouses & service centers and over 3000 dealer outlets, Relicell batteries are well distributed and supported throughout India.
In a short span of time Greenvision's research team has developed many innovative products and filed for several patents. Relicell batteries are tested and certified by leading test laboratories like CPRI (Central Power Research Institute) and ETDC (Electronic Test & Development Centre). Relicell batteries are used across multiple customer segments like Banking, Insurance Companies, Education, Software Companies, Large Corporates, Government, Defense, etc.
In line with it's vision of being a leading player in the Energy Storage segment, Greenvision has forayed into fast growing markets in Asia, Middle East and Africa to offer the complete range of Relicell batteries to potential customers.
"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,"
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