Gurgaon headquartered ZunRoof, a solar tech startup, has raised a fresh round of pre-series A funding of $1.2 million from Godrej family office.
ZunRoof, which has designed solar rooftops for over 10,000 residential houses, plans to use the funds raised in its expansion and further strengthen its product portfolio.
With this round, the startup has raised a total of about $1.5 million in funding over four rounds. The startup last raised funds in January when it receives an undisclosed capital in its 3rd round of angel funding from angel investors including Ramakant Sharma, Founder of Livspace and Arun Diaz of IntelleGrow along with the lead investors of ZunRoof’s previous round.
The ZunrRoof funding comes within a week after an another rooftop solar PV startup, CleanMax Solar, raised $39 million in funding from the United Kingdom (UK) Climate Investments LLP (UKCI), which is a joint venture between the Green Investment Group and the U.K. Government’s Department for Business, Energy and Industrial Strategy.
Launched in 2016, ZunRoof designs and delivers the right Solar PhotoVoltaic (PV) solution for urban home owners in Delhi (NCR). It installs solar PV systems on rooftops to produce and sell electricity to the grid. The company uses computer vision, AI (artificial intelligence) and VR (virtual reality) to streamline the solar rooftop installation and maintenance for homeowners.
The startup claims to be contributing to the government’s target of achieving 40 Gw of rooftop solar power by 2022.
“Our pre-series A and backing from Pirojsha Godrej comes at the perfect time – allows us to hire and retain great talent, scale solar rooftop operations across India and launch our home-IOT products. We are already market leaders for residential solar rooftops in more than 40 cities and aim to build on this lead to bring smart and clean energy choices to every home in India,” Pranesh Chaudhary, founder & chief executive officer of ZunRoof said on the fourth round of funding.
The home tech startup serves customers in more than 40 cities, including Delhi-NCR region, Bengaluru, Chennai, Chandigarh, Lucknow, Kanpur, Agra, Jaipur, Haridwar, Ludhiana, and Jalandhar.
“We are delighted to support ZunRoof’s exciting plans in the home IOT (internet of things) and solar rooftop spaces. The founders’ exciting vision combined with the passion, knowledge and the leadership they’ve demonstrated in the space makes us very excited to be a part of their journey,” said Pirojsha Godrej, Executive Chairman, Godrej Properties.
Zunroof has developed proprietary tools, which help it to come up with accurate size and design of the system as well as all techno-economic feasibility metrics of the roof within minutes.
According to Mercom India Research’s Q4 and Annual 2018 India Solar Market update, Rooftop solar had an impressive year in 2018 growing by 66%. While the Indian solar market installed 8,263 MW in CY 2018, down 15.5% compared to 9,782 MW in CY 2017 as the safeguard duty, GST issues, and land and transmission issues took a toll on the large-scale installations.
Via ~ Business Standard
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