Friday, July 18, 2014: Kores India, a company with well reputed performance in the areas of office stationary and pharmaceuticals, has now made strategic investment in a Bengaluru based startup Arraystorm Lighting, which innovates in LED lighting space for commercial segments.
Kores has majority equity in the startup and plans to push $2.994 million in it over the period of next three years. “We have been looking to enter into the green energy space and realised the potential of LED lighting industry and that is why we invested in Arraystorm for their business model” said, Vivek Bagri, executive director, Kores India. He also informed that it is the first time that they are partnering with a startup.
Apporva Ruparel, founder and CEO of Arraystorm, said that company will focus on commercial lighting space with special focus on offices, hotels and branded stores. He added, “We are developing a range of technological products focused on niche area including jewellery stores and hotel segment”. Ruparel launched Arraystorm in April this year and has ten corporate clients.
