MYSUN, A Leading Rooftop Solar Platform, Raises Rs 32 Crores ($4.2 Mn)

MYSUN, a Delhi based technology platform for rooftop solar energy solutions for industry, SMEs/MSMEs and homes, has raised INR 32 Crores from its existing investors in a structured equity deal as a part of its Pre-Series A round. As the company is planning newer markets and newer business models in the short to medium term to scale up its technology, customer acquisition and financing play, it is looking to raise Rs 250 Crores over the next few quarters.

MYSUN is an end to end solar solutions and services company, backed by advanced technology and engineering with emphasis on providing tailor-made solar solutions and solar financing solutions to industry, SMEs and MSMEs in particular, and homes/ residential customers. Its proprietary demand generation and demand aggregation tools already make it the largest online solar platform in India.

MYSUN is revolutionizing the complete ownership experience of solar in India with a strong backbone of technology including AI-based tools, a one-of-its-kind advanced mobile app for on-site surveying & shadow analysis for accurate energy forecasting, and IoT tools for energy monitoring and enhanced customer experience.

The company plans to use the capital to further improve its technology infrastructure, scale up the service offerings, and expand to newer geographies, both in India and globally, including parts of Middle East, Asia Pacific and Africa. With this investment, MYSUN will also foray deeper into its in-house SME financing solutions, catering to the unique solar financing needs of SMEs/ MSMEs and individuals making solar ownership a hassle-free experience.

Commenting on the development, Mr Gagan Vermani, Founder and CEO of MYSUN said “We are committed to the vision to make solar energy access easy and reliable for the consumers. Our focus continues to use technology as a backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes. We are happy to continue to have the confidence of our investors and the patronage of our ever-rising pool of customers.”

“As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, we foresee higher and higher demand for independent solar energy systems across the B2B and B2C consumer segments around the globe over the next many years. With its innovative technology, business model and a highly experienced team, MYSUN is well placed to leverage this demand into a sustainable growth business. ”, Mr Vermani further added.

Since its inception, MYSUN has already catered to millions of customers online and in the past 4 years, expanded across several states in India, with the commissioning of major projects for large, medium and small industries; homes and institutes.

MYSUN Names Ashit Maru as One of Its Founding Members

MYSUN, the innovative rooftop solar solutions provider focused on delivering advanced and reliable rooftop solar power solutions to consumers in the residential, commercial and industrial segments, today announced that it has appointed Mr Ashit Maru as one of its founding members. A Chartered Accountant by profession, Ashit brings with him over 25 years of rich and diverse experience across sectors such as FMCG, Renewable Energy and Food Services & Facilities management, working with companies such as Hindustan Unilever, Moser Baer Solar, Lanco Solar and Compass India.

On the Solar side, armed with entrepreneurial acumen, Ashit played an instrumental role in setting up the supply chain for Moser Baer’s solar manufacturing business and subsequently worked with Lanco Solar in the EPC domain.

Commenting on the appointment, Gagan Vermani, Founder & CEO, MYSUN, said, “Ashit’s appointment as a co-founder at MYSUN is strategic in terms of both scope and essence. He is adept at forming strong strategic partnerships and brings significant international exposure and cross-industry insights. These are exactly the attributes which we need to scale our business and expand our footprint aggressively. His end to end exposure and experience in the solar business is an added advantage.”

Ashit Maru, Co-Founder, MYSUN commented, “I am immensely excited to be a part of MYSUN’s leadership team. The company is a one-of-a-kind customer focused marketplace platform that is using innovative tools, technology and a unique business model to create, curate and service the consumer demand for solar. With strong technology and innovation happening at the backend, as evidenced by the industry-first products amalgamated with ace consulting services, the company is well poised to make solar viable for all.”

At MYSUN, Ashit would be focusing on operations, supply chain, vendor and partner development apart from leading some business diversifications. Prior to joining MYSUN, Mr. Maru was with Compass Group India, managing Procurement and supply chain for more than 80 client locations in food service and 250 client location in facilities management business. Before that, he was with Lanco Solar as the Senior Vice President, Supply Chain and Vice President, Procurement at Moser Baer Photovoltaic Limited.

The B2C platform provides complete end-to-end services and solutions to its customers such as creating awareness around solar, evaluating onsite solarisation potential using in-house developed advanced engineering tools, assistance from the MYSUN Solar Advisors, high quality solar systems at the most competitive prices arrangement of financial loans, easy online payment options and lifetime Installation and Maintenance support to all customers who go solar with MYSUN. The company wants to bring about a change in the way solar power is perceived by customers, the way it is purchased and sold, thereby making it more of a consumer product rather than an industrial product.

MYSUN Raises a Funding of $2.5M; Hemant Taneja Joins the Company’s Board

Recently launched solar marketplace MYSUN has received an initial funding of $ 2.5 million. This is the first round of funding after the company was founded by Gagan Vermani and two of his colleagues Divyanshu Sachdev and Gyan Prakash Tiwari in September, 2015 to focus on demand creation, technology, big data, analytics and standardization in the non-utility and rooftop solar sector in India. This is by far the largest funding received by a company in this new and innovative business segment which is directed towards impacting the rooftop solar industry.

Pursuant to this investment, Hemant Taneja, Managing Director at General Catalyst Partners, an American venture capital firm focused on early stage and growth investments, joins the board of MYSUN. In a recent research by CB Insights, Hemant was named as one of the top 100 venture capitalists in the world. He has lead several successful investments including Snapchat, Gusto, Stripe, etc. to name a few. MYSUN plans to utilize Hemant’s deep experience and leadership to drive its aggressive mission to solarize 10 million rooftops in India.

Speaking on the occasion, Hemant said, “The potential of off-grid and rooftop solar in India is immense, more so with the falling prices of solar. I am impressed by MYSUN’s unique and innovative approach to drive growth in this sector. With the enthusiastic and experienced team here, I am sure the company will make a huge impact in the solar sector.”

MYSUN platform aims to change the way solar is perceived, bought and sold in India. It makes it easy for consumers to understand and adopt solar with the help of high-end technology, data, financial products and an online marketplace that connects them to highly-rated pre-screened solar installers to deliver a high quality and best-priced solar system. These pre-screened sellers adhere to strict quality standards prescribed by MYSUN. Moreover, the benefits for consumers don’t stop there as MYSUN stays with the consumers even after the solar systems have been installed and supports them throughout their solar journey.

Commenting on the developments, Gagan Vermani, Founder & CEO, MYSUN said "We are pleased to announce our first funding of $2.5 million to back our vision. This will help us scale up faster and invest further into technology and infrastructure. We are also delighted to have Hemant Taneja on our board and look forward to gain from his wide experience in scaling up the business."

MYSUN has got immense interest and is seeing increasing momentum amongst the consumers and solar installers since its formal launch just a few weeks back. Moreover, there are a lot of stakeholders like developers, lenders, investors, consultants, architects, etc. who have joined MYSUN to further grow their solar business and to reach out to a vast number of potential customers. It’s advanced and trademark solar calculator MYSUNCalculator is already being run by hundreds of consumers every day across India.

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