New Delhi, Sep 24 (PTI) Sequoia India backed startup iBahn Illumination has launched app-based smart LED lights 'Svarochi', which will be controlled through mobile application rather than manual switches.
The Svarochi application will be connected with the LED lights via bluetooth mesh technology.
"The app can be used to put the light on and off, to make it bright and dim and to change colour from white to yellow and vice versa," iBahn Illumination founder and CEO Rajeev Chopra told PTI.
In the first phase, the company will launch the product in 10 cities, including Mumbai, NCR, Pune, Chennai, Bengaluru, Kolkata and Hyderabad.
The Mumbai launch is scheduled for September 25.
With the launch of the new smart LED lights, the company is looking at a Rs 500 crore turnover in the next 5 years.
"We plan to be a Rs 500 crore company is five years, roughly about 12 per cent of the overall market," Chopra said.
IBahn Illumination has recently raised its first institutional round of funding from Sequoia India.
The starting price of the product is Rs 790 and the maximum is Rs 2,800.
Chopra was the Managing Director and CEO of Philips India from January 2011-November 2013. He later became the Global CEO, Business Group Home, Philips Lighting BV from December 2013-December 2015.
When asked about the distribution strategy, he said the market will be captured through a network of distributors and the top retailers of various cities.