Oriano Solar, a solar focused EPC firm, has raised Series A funding of Rs.200 million ($3 million) from Samridhi Fund, which is managed by SIDBI Venture Capital Ltd. The investment is a mix of equity and debt.
“The company will use the investment to add teams in project management and business development, to meet working capital needs and to establish offices across India” Yeshwant Rao co-founder and MD of Oriano Solar, told Mercom Capital.
Oriano was founded by Sachin Jain, Yeshwant Rao and Sameer V. Shah in June 2015. Oriano Solar specializes in Solar EPC (Turnkey and BoS) for Utility Scale Solar Projects, Solar farms, and Rooftops. Oriano has executed 85+ MW of solar projects (including turnkey EPC for 23 MW single location utility-scale PV project in Pavagada, Karnataka). Additionally, Oriano has executed 10+ MW of Rooftops for leading MNCs and India’s Top 100 companies across 7 states. Oriano has a current EPC pipeline of 100+ MW Utility-Scale and 20+ MW of Rooftops.
Oriano was awarded “Energy Startup of the Year” at the Entrepreneur India 2016 Awards in media association with ET NOW. Oriano was also selected as the “TECH30 company of the year” at TechSparks 2016 by YourStory.
“In the last one year, Oriano Solar has grown almost 10 times from less than Rs.50 million (~$0.77 million) revenue to over Rs.500 million (~$7.7 million) revenue in FY17. We have completed more than 35 projects across seven states in India,” said Sameer Shah, Co-founder & Chairman of Oriano Solar.
Oriano Solar’s clients include Amway, Honda, Atria Power, SunEdison, Cipla, HPCL, HAL and Tata Communications.
“Oriano’s targets revenue of Rs.2 billion (~$31 million) in FY2017-18.” Said Yeshwant Rao, Co-founder & MD.
“We aim to contribute towards Prime Minister Modi ji’s renewable energy mission and partner with more industries to help them adopt solar and reduce their carbon emissions,” said Sameer Shah, Chairman of Oriano Solar.
The Samridhi Fund is an approx. Rs.4.3 billion (~$66 million) social venture capital fund set up with contributions from Department for International Development (DFID), Small Industries Development Bank of India (SIDBI), Life Insurance Corporation of India (LIC) and United India Insurance Company Limited (UIIC). Samridhi Fund has focus on Financial Inclusion, Affordable Healthcare, Agri & allied activities, Water & sanitation, Clean Energy, Skill Building and Livelihood building.