New Delhi: Power backup solutions provider Luminous Power Technologies on Wednesday announced the launch of its new independent brand ‘Amaze’ and plans to invest Rs150 crore in the next 3-5 years to build the brand.
The company has roped in star cricketer Virat Kohli as the brand ambassador for the brand Amaze.
The investment will also be utilised to set up dedicated manufacturing capabilities and create a separate sales and distribution network pan-India.
Amaze will develop an entirely independent ecosystem to that of Luminous, which would cater to the unstructured battery market including a different team at the company and outlets, the company said.
“We believe there is an urgent need to address the consumers in the unorganised market of batteries, which is estimated to be around Rs3,500 crore,” Luminous Power Technologies managing director Vipul Sabharwal told PTI.
He further said Amaze will fulfil this need and help establish a specialised and more reliable product line for this market.
Initially, Luminous will have a 100-member team to support the market efforts for Amaze. It will also have 100 direct channel partners which will give the company a reach of around 20,000 outlets over the next three years, Sabharwal said.
The unorganised market for batteries in India is nearly 40% of the Rs10,000 crore battery market in the country, he said adding that the brand Amaze is aimed to tap this segment.
