Mumbai: Gegadyne Energy Labs Pvt. Ltd on Friday said it has received a strategic investment of $5 million (Rs 36.5 crore) from electrical appliances maker V-Guard Industries Ltd.
Gegadyne was founded in 2015 by Jubin Varghese and Ameya Gadiwan. The Mumbai-based startup claims it has energy-efficient and eco-friendly alternatives to conventional lithium-ion batteries.
Gegadyne claims it has built a technology that allows batteries to charge from zero to 100% in around 15 minutes.
The market for batteries is expected to grow globally at a compound annual growth rate (CAGR) of 15% over the next seven years, it noted.
V-Guard Industries, which was founded in 1997, manufactures electrical appliances. Its products include voltage stabilizers, water heaters, UPS (uninterruptible power source), kitchen appliances, and pumps.