Solar energy developer Prozeal Infra Engineering has received $4 million in a first funding round led by Alchemie Ventures, an investment office arm of Chandrakant Gogri, the Founder and Chairman Emeritus of Aarti Group of Industries.

The investment is for a minority stake. The valuation is undisclosed.

The funds will be used to scale operations and execute developer-model projects for energy and utility companies.

The transaction, advised by Incorp Advisory, is one of the largest Series-A Fundraising in India’s solar engineering, procurement, and construction (EPC) space in over two years.

Ahmedabad-based Prozeal Infra has an order book worth $120 million that is scheduled to be executed over the next twelve months.

The company is involved in delivering end-to-end turnkey projects in solar engineering, procurement and construction, electric vehicle charging, and battery storage.

Manan Thakkar, the Co-Founder of Prozeal, said the firm is aligned with the National Solar Mission, which aims to promote energy diversification.

Shobit Rai, the Co-Founder of Prozeal, said Gogri’s business acumen and guidance would aid the company in achieving sustainable growth in the next stage of development.

Gogri said solar energy and decarbonization are critical to India’s commitment to climate change. Prozeal Infra, he believes, is well-positioned to seize a significant portion of this energy transformation due to its engineering capabilities.

Prozeal Infra aims to be a decarbonization and net-zero solution provider for commercial and industrial MNCs, MSMEs, and government institutions that support India’s sustainable energy objectives.

Inderpreet Chadha, Head of Investment Banking at InCorp Advisory, said the investment positions Prozeal Infra to become one of India’s major players in this field.

In June 2022, Gujarat State Electricity Corporation Limited (GSECL) awarded an EPC contract to Prozeal Infra Engineering to install 131 MW of solar projects in the Surendranagar and Morbi districts of Gujarat.

The company also received a letter of award from the Surat Municipal Corporation for supplying, installing, operating, and maintaining 25 DC fast chargers. The chargers will have a configuration of CCS 2.0 (50 kW) + CCS 2.0 (50 kW) + Type 2 AC (22 kW). The project’s estimated cost is ₹140 million (~$1.78 million).