LivGuard Energy Technologies Pvt. Ltd said Wednesday it has acquired a New Delhi-based e-mobility startup, in an attempt to transition into the electric vehicle solutions segment.
Livguard, backed by homegrown private equity firm ChrysCapital and Ncubate Capital Partners, has acquired battery swapping and internet-of-things (IoT) startup Emuron Technologies.
It didn’t disclose the financial terms of the transaction.
Founded in 2018, Emuron has a proprietary portfolio of battery swapping and IoT solutions for two- and three-wheel electric vehicles (EVs).
Its IoT solutions include remote monitoring, energy management, battery management system with customized firmware and cloud software, vehicle tracking system, artificial intelligence and machine learning solution delivering analytics and plant performance monitoring, amongst others.
"The acquisition allows us to deploy battery swapping stations using Livguard’s pan-India distribution and service network. We aim to manufacture cost-competitive solutions through Livguard’s supply chain ecosystem,” said Kunal Garg, co-founder and chief executive officer, Emuron Technologies.
LivGuard has a product portfolio of inverters, inverter batteries, automotive batteries, stabilisers and solar batteries. It was launched in 2014 and the brand operates under the SAR Group, which sold its power backup solutions brand Luminous to French engineering company Schneider Electric in 2013.
“Acquiring Emuron Technologies will help us use their battery swapping technology alongside our battery expertise. Our solutions, combined with our EV subsystems portfolio, position us as a one-stop shop for all two- and three-wheeler EV original equipment manufacturers," said Rakesh Malhotra, founder, Livguard.
In 2019, Livguard secured Rs 220 crore in a funding round led by ChrysCapital. The PE firm, which counts GMM Pfaudler Ltd and Safex as part of its manufacturing sector investments, invested Rs 170 crore in Livguard. The round also saw Ncubate Capital Partners, the investment arm of the SAR Group, pumping in another Rs 50 crore.