SAR Group’s energy solutions brand Livguard said it has acquired Delhi NCR-based battery swapping and IoT solutions startup Emuron Technologies to venture into the EV battery swapping space.
However, the company did not disclose the financial terms of the deal.
Founded in 2018 by Kunal Garg, Vedant Khanna and Vibhor Bharti, Emuron Technologies is a bootstrapped startup which helps EV businesses deploy battery-swapping stations across India.
Its offering include a battery tracking system to monitor battery health, location, and utilisation; customisable and modular smart electrical cabinet that allows swapping of discharged Li-ion batteries with charged batteries; and a battery intelligence platform which provides utilisation report and ageging predictions. The startup also claims to be working on a battery management system.
Commenting on the acquisition, SAR Group’s cofounder Rakesh Malhotra said Livguard will leverage Emuron’s battery-swapping technology alongside its own battery expertise. “Our comprehensive solutions, combined with our EV subsystems portfolio, position us as a one-stop shop for all 2 and 3-wheeler EV OEMs,” he added.
SAR Group, which owns companies including Livfast and Mooving, launched Livguard in 2014. It offers energy-related solutions including automotive batteries, inverters, and residential solar panels.
Recently, the group ventured into the EV business with the launch of Lectrix EV.
“We have a strong commitment towards research and development, innovation and Make in India,” Livguard’s chief executive Gurpreet Bhatia told Inc42.
He added that Livguard is currently working on a unique energy services ecosystem for the two- and three-wheeler EV industry. Following the acquisition, it plans to rapidly deploy swapping stations in key markets to solve the range anxiety of electric vehicles.
The development comes at a time when the India EV space is buzzing with activities. From talks about Tesla’s entry into India to the potential IPO of Ola Electric, a lot has been happening in the EV segment lately.
Recently, EV charging startup Exponent Energy secured INR 220 Cr ($26.4 Mn) in its Series B funding round to strengthen its manufacturing and business operations.
Also, Macquarie Capital invested an undisclosed amount in EV charging startup ChargeZone to help it further develop its cloud technology-enabled charging network.
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