startup funding

Gurgaon-based Rooftop Focused Solar Startup Zunroof Raises ₹1.66 Crore in Angel Funding

0
zunroof e1530077286224

Gurgaon-based ZunRoof, a rooftop focused solar startup, has raised a second round of angel funding of Rs 1.66 crore ($0.25mn) from i3N (led by Pradeep Tharakan, Sr. Energy Specialist at ADB and Vismay Sharma, MD, L’Oreal, UK & Ireland), Paipal Ventures’ Ajith Pai, Gaurav Gupta, Asia Director, Dalbergr and a bunch of IIT Kharagpur alumni based in US.

THe startup will use the freshly raised capital in bolstering and scaling up its tech, specially the IOT-based sense and monitoring devices that the startup has developed this year only.

Founded in 2016 by IIT alumni Pranesh Chaudhary ans Sushant Sachan, ZunRoof is a clean-tech company, using a mix of image processing, virtual reality, internet of things and data analytics. It uses using un-utilised rooftops for solar power.

Earlier, the startup had raised an undisclosed first round in December 2016 from executives from Facebook, Morgan Stanley and FICO.

ZunRoof claims to have served 60,000+ clients in North India and has 400+ successful solar rooftop PV sites installed across Delhi, Gurgaon, Noida, Chandigarh, Mohali, Agra, Jaipur, Faridabad, Ghaziabad, Lucknow, Greater Noida, Panchkula, Haridwar, Ludhiana and Haldwani.

Pranesh Chaudhary, CEO, ZunRoof said that the company currently has over 2500 paying clients. “Our sales run rate is ~ USD 6 Mn and the funds raised will be deployed to triple this within 12 months, with a positive unit economics,” said Chaudhary.

Zunroofs also claims that it has the highest number of rooftop installations in ten of the largest cities in North India and was on track to having the highest number of installations across India by September this year. After launching its solar rooftop app, the process of getting a rooftop system has been significantly shortened from the three-four months it would take earlier.

Earlier this month, Hyderabad-based solar energy solution startup Fourth Partner Energy raised $70 million in Series B funding from The Rise Fund, a global impact investment fund managed by TPG Growth.

In April, an another Gurgaon headquartered firm ReNew Power acquired of Delhi-based solar energy sartup Ostro Energy Private Limited for whopping $1.5 billion, to create the India’s largest clean energy firm by installed capacity.

Via – Economic Times

Like this content? Sign up for our daily newsletter to get latest updates.

Comments

Comments

This site uses Akismet to reduce spam. Learn how your comment data is processed.