Sunil Kant Munjal led Hero Enterprise has committed a strategic stake and shall invest USD 10 million in Corvi LED Light, a pioneering and technology-reshaping consumer lighting firm based in Mumbai that already has over ten Red Dot Design Award winning products under its belt.
The addition of Corvi to the investment portfolio of Hero Enterprise reinforces Sunil Kant Munjal's vision to empower entrepreneurship built around innovation, plus the ability to deliver value globally.
"I am very excited not just because of Corvi's strong credentials in sophisticated and innovative product design, but also because here's a great chance to democratize high-end technology. A combination of solid state technology, minimalist design and quality manufacturing allows a higher light output of light against per watt of power consumed; if we can scale appropriately, imagine the impact not just in India, but across the world," said Munjal said.
He expressed confidence that Corvi would, in time, play an important part in not just showcasing India's manufacturing capability, but also reduce dependence on imports - a true example of "Make in India".
The investment fits in perfectly with the UJALA Scheme (Unnat Jyoti by Affordable LEDs for All); which is at the forefront of government policy to spread LED technology across the country.
"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," added Munjal.
"The decades-old credibility and reputation of the Munjal Family, and this strong endorsement by Sunil Kant Munjal is just the tonic we needed to announce ourselves and showcase our ability to work around innovative technologies," added Munjal.
"Corvi already extensively uses 3D printing technology and digital simulations to develop new products; this investment should help boost Corvi's intelligent product range and build presence in new markets," said Vimal Soni, the founder and CEO of Corvi LED Light.
The strategic investment in Corvi strengthens several other forays made by Hero Enterprise over the past year in the areas of e-commerce, digital learning, healthcare, women's empowerment and children's education.
Hero Enterprise has also made a substantial investment in an impact investing fund that takes an entrepreneurship based approach to address the key challenges faced by the country today in terms of employment, education and skills, environment, healthcare and financial inclusion.