In the early 1980s, when India was grappling with daily power cuts and limited technological options, a young engineer quietly envisioned a revolution. Armed with just ₹40,000, a 600-square-foot workshop in South Delhi, and a burning desire to solve India’s electricity woes, 26-year-old Rakesh Malhotra laid the foundation of what would become a ₹2,000-crore power backup behemoth, Luminous Power Technologies.
Today, Malhotra is a rare name in Indian industry who has built not one but two multi-crore ventures from scratch. After selling Luminous to Schneider Electric in a landmark ₹1,400-crore deal in 2011, he went on to create Livguard, a new-age clean energy and battery storage company now valued at ₹3,520 crore.
Corporate Disenchantment to Entrepreneurial Resolve
Malhotra began his career with stints at Siemens, Mitsui, and Tata’s Nelco. But five years in, corporate life had lost its appeal. What stayed with him were the persistent blackouts and unaffordable ₹50,000 inverters that offered little reliability. Sensing a large unmet need, he decided to design a more cost-effective, high-performance uninterruptible power supply (UPS).
In 1988, the Luminous brand was born under the SAR Group banner. From sourcing parts locally to integrating aesthetic design elements like sleek covers and trolleys for domestic use, Malhotra’s strategy was rooted in innovation for the Indian household.
From ₹40,000 to ₹100 Crore: The Luminous Rise Of Rakesh Makhotra
Malhotra’s first breakthrough came when Modi Xerox placed an order for 28 UPS units, worth ₹4.2 lakh. The company ended its first year with ₹8 lakh in revenues. Over the years, Luminous expanded into telecom power solutions and knowledge process outsourcing (KPO), reflecting a broader appetite for diversified energy management.
By 2006, Luminous had crossed ₹100 crore in annual sales. The next year, it raised ₹83 crore from CLSA, and in 2010, French multinational Schneider Electric acquired a 74% stake for ₹1,400 crore valuing the company at ₹1,900 crore. Luminous had by then become India’s No. 1 power backup company and the seventh-largest player globally.
Yet for Malhotra, this wasn’t the end.
SAR Group 2.0: The Birth of Livguard
In 2012, he launched what he called SAR Group’s “2.0 mission,” turning his attention to clean energy, water, and sustainable technologies. In 2014, he founded Livguard to address India’s next major challenge: energy storage and renewable integration.
Focusing on automotive and inverter batteries—both lead-acid and lithium-ion, Livguard also ventured into off-grid solar inverters, panels, and IoT-enabled monitoring solutions. This time, R&D was built into the DNA of the company from day one, with six research centres set up to drive innovation.
Exponential Growth and Global Expansion
Between 2014 and 2019, Livguard experienced rapid growth. With backing from Chrys Capital and Ncubate Capital, which invested ₹220 crore, Livguard had clocked ₹1,400 crore in revenue by 2019. The company expanded its portfolio into EV charging infrastructure, solar rooftops for homes and small businesses, and rural electrification.
Marketing efforts also gained momentum. Bollywood superstar Akshay Kumar became the face of the brand, boosting Livguard’s visibility across urban and rural India. The company also began exporting to over 15 countries, with a strong footprint across South Asia and Africa.
Today, Livguard boasts a massive 25 GWh battery production capacity and annual revenue of ₹3,520 crore. It has become a prominent name in India’s green energy transition.
A Dual Legacy in Power
As of 2025, Malhotra’s two ventures, Luminous and Livguard have cumulatively transformed the lives of over 100 million customers and redefined India’s energy resilience. Luminous continues to thrive under Schneider Electric, with over 300 products in its portfolio. Livguard, meanwhile, is fast becoming a benchmark in clean, connected, and scalable energy systems.
Malhotra’s journey is a testament to long-term vision, deep technical understanding, and sharp business instincts. From the days of bootstrapping with four technicians to now leading a clean-tech powerhouse, he represents a rare breed of serial entrepreneur in Indian manufacturing someone who saw both opportunity and responsibility in India’s energy gaps.
The Power of Persistence
In an era where tech unicorns often grab headlines for sky-high valuations and short-term pivots, Malhotra’s story stands apart. It’s not built on venture hype but deep engineering, frugality, and decades of strategic thinking.
Who would have thought that a 26-year-old with ₹40,000 and a dream would one day sell a ₹2,000-crore company and go on to build another one worth ₹3,500 crore?
India’s energy future is being written not just in boardrooms and government policy but also in the garages and R&D labs of visionaries like Rakesh Malhotra.
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