Battery maker LivGuard Thursday said it has raised over Rs 220 crore from private equity funds for expansion plans.
The company, which is into automotive and inverter batteries, among others, has raised over Rs 170 crore from ChrysCapital and Rs 50 crore from Ncubate Capital Partners.
"This investment will accelerate our existing business plans and develop future technologies. Since there is a space for strong player in the market, this investment will help us grow further in this sector," LivGuard founder and mentor Rakesh Malhotra said in a statement.
ChrysCapital Director Raghav Ramdev said the company is excited to partner with LivGuard in its journey to become a leading battery manufacturer.
"LivGuard has scaled well over the past few years and has built a strong pan-India distribution network along with an excellent manufacturing footprint," he added.
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