Hero Enterprise is investing USD 10 million in consumer lighting company Corvi LED Light for a strategic stake in the Mumbai-based firm.
Corvi offers indoor lighting products and plans to introduce outdoor and industrial products such as street lights, flood lights and high bay lighting and solutions. The company is also working to introduce human centric lights with the ability to control lights remotely.
According to Vimal Soni, founder and CEO of Corvi LED Lights, the company already extensively uses 3D printing technology and digital simulations to develop new products. This investment would boost Corvi’s intelligent product range and build presence in new markets.
Hero Enterprise is a prominent Indian diversified group with its mainstay in the auto sector including bicycles, motorcycles, auto components, and a host of service businesses. It has been actively investing over the past year in the areas of e-commerce, digital learning, healthcare, women’s empowerment and children’s education.
It recently announced a INR 100 crore (USD 15.5 million) investment in impact investor Aavishkaar’s new fund, the Aavishkaar Bharat Fund.
“In the coming months, we will continue to back entrepreneurial ventures that can become global in scale, are technologically-focused, have innovative business models, and are anchored in the principles of inclusive growth”, said Sunil Kant Munjal, head of Hero Enterprise.