Invests Rs 3.5 crore in the solar lighting solutions provider.
Upbeat about the new white light emitting diode (LED) solar lighting systems’ market, Ahmedabad-based Gujarat Venture Finance Ltd. (GVFL) has picked up 26.8 per cent stake in Pegasus Semiconductors Pvt. Ltd. at an investment of Rs 3.5 crore.
Pegasus provides energy efficient and low cost lighting solutions using LEDs and solar technologies.
Among several products of Pegasus include 220V LED Street Light System, LED based Solar Home Lighting System and Street Lighting System. “These products are revolutionary in nature and our company was always willing to incubate Pegasus which has presence in a niche segment. The company’s products will help consumers save half of the energy in comparison to compact fluorescent lamp (CFLs) as they require very low maintenance and have life of over 10 years,” said Vishnu Varshney, managing director of GVFL.
As compared to a life span of 10,000 hours in case of CFL, LED has a life span of 60,000 hours. Moreover, electronic controls and devices are made with in-house technology and are optimised for longer life. The fund raised through the investment by GVFL will be used for the upcoming white LED manufacturing plant on the outskirts of Ahmedabad.
The upcoming plant will begin assembling at least 1,000-odd white LED light systems per month and subsequently ramp up the volume once the manufacturing activities begin.
The plant, a first in India, is set to commission within two years, added Varshney.
To begin with, the company is piloting these lighting systems at college campuses and intends to target public buildings, street lighting and households later on.
GVFL’s investment in Pegasus Semiconductor came through its Gujarat IT Fund set up in the year 2000. The fund has been targeted at supporting emerging and existing small and medium sized companies in the IT sector in Gujarat. Successful companies of this fund include Sahjanand Laser, E Cube, Net4Nuts and Icenet.
Over the past 18 years, GVFL Ltd. has raised six venture capital funds. GVFL has recently raised pan–India SME Technology Venture Fund for encouraging new emerging technologies in the SME sector as well.
