In 1988, Rakesh Malhotra started Luminous Power to manufacture a low-power but high-performance inverter and UPS. In 2011, he formed a joint venture with Schneider Electric and sold 74% for ₹1,400 crore to them at ₹1,900 crore. In 2014, he started Livguard to produce automotive and inverter batteries Today, Livguard clocks a revenue of ₹3,520 crore.