Hero Enterprise, led by ex-Hero MotoCorp Joint MD Sunil Kant Munjal, today announced investment of USD 10 million (nearly Rs 65 crore) in Mumbai- based consumer lighting firm Corvi LED Light.
Currently, Corvi is in indoor lighting segment but plans to foray into outdoor and industrial products such as street lights, flood lights and high bay lighting and solutions in the near future.
It is also working to introduce human centric lights with the ability to control lights remotely.
Commenting on the investment, Munjal said it is not just because of Corvi's strong credentials in sophisticated and innovative product design, but also because of a great chance to democratise high-end technology.
"A combination of solid state technology, minimalist design and quality manufacturing allows a higher output of light against per watt of power consumed," he said, adding if scaled up appropriately it would have a big impact not just in India, but across the world.
He said Corvi would, in time, play an important part in not just showcasing India's manufacturing capability, but also reduce dependence on imports.
Corvi LED Light founder and CEO Vimal Soni said, "This investment should help boost Corvi's intelligent product range and build presence in new markets".
The company already extensively uses 3D printing technology and digital simulations to develop new products, he added.
Munjal said in the coming months Hero Enterprise would continue to back entrepreneurial ventures that can become global in scale, are technologically-focused with innovative business models, and "are anchored in the principles of inclusive growth".
Hero Enterprise has over the past year invested in areas of e-commerce, digital learning, healthcare, women's empowerment and children’s education.
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