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Date: 16-04-10

Bangalore based LED lamp maker Innovlite raises funds from angel investors

Bangalore based LED lamp maker Innovlite is raising capital from serial entrepreneurs and angel investors K Ganesh, CEO TutorVista, Sreenivasan (Ramki) Ramakrishnan, ex-CEO Marketics, and V Shankar, Managing Director, CAMS.

These angel investors are also providing knowledge expertise to the Innovalite along with funding. Innovalite said these investors were far more open to the business model than conventional source of investment -- like VCs, banks, etc. who typically shy away from 'unproven' industries due to lack of benchmarks.

Raghav BR, founder and director, Innovlite said "We are a green business start-up that helps save energy through efficient lighting. Given the current environmental crisis coupled with our rapidly growing client base, the funding comes at a time when we want professionals who can stay with us long term. Apart from growing our presence nationwide, we seek to receive insights and resources that are of tremendous value for the success of an early stage company like ours".

K Ganesh, CEO TutorVista said "We are pleased to build significantly on our special relationship with Innovlite to strengthen their position in the fast-growing LED Lighting business. I do believe that there will be a shift from conventional lighting systems (like incandescent and CFLs) to LED. Rapidly increasing efficiencies of LEDs coupled with falling costs will definitely drive penetration -- which we are seeing already. Also government subsidies announced in the latest budget will provide a big boost to this market"

"The idea of getting involved financially and strategically in the company is to promote meaningful and effective green-technology products that provide environmentally and economically sustainable solutions. LED lighting is extremely energy-efficient (upto 85% more efficient than conventional lighting) and can help put a brake on climate change because of significantly reduced CO2 emissions. This investment is aimed at fully assisting Innovlite capitalize on the first-mover advantage and drive adoption across key customer segments said Sreenivasan Ramakrishnan, ex-founder / CEO of Marketics. We are seeing a mini green revolution amongst corporates in India who are measurably reducing their carbon footprint -- and LED lighting is a simple yet giant step in this direction.

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