ZunRoof, an Indian solar rooftop startup, has raised an undisclosed sum in the third round of angel funding, since its inception in June 2016.
According to an email response to Mercom from Pranesh Chaudhary, founder and CEO of ZunRoof, “An undisclosed amount of funding has been received from angel investors (3rd round since its inception in June 2016) – Ramakant Sharma, Founder of Livspace and Arun Diaz of IntelleGrow along with the lead investors of our previous round, Pradeep Tharakan, Gaurav Gupta, Vismay Sharma and others.”
Pranesh further commented, “This funding round comes at the exact right time for us as we are at a clear inflection point to grow at unheard-of speed in solar rooftops. We have a very potent and unique mix of VR, ML and image processing backing our operations which has led us to already the highest number of solar rooftops in India and we aim to build on this lead further.”
According to a release shared by ZunRoof, Gaurav Gupta, Partner & Asia Director, Dalberg Advisors, said, “In a crowded market, the key for investors was to see a team with really strong execution capability. ZunRoof had a track record for not just having strong tech skills, but quickly bringing them to market and thereby staying way ahead of competition.”
Mercom previously reported, ZunRoof raised ₹16.6 million ($0.25 million) in second round of angel funding from I3N (intellecap impact investment network) led by Pradeep Tharakan, senior energy specialist at Asian Development Bank (ADB), Vismay Sharma, managing director at L’Oreal (UK & Ireland), Ajith Pai (Paipal Ventures), Gaurav Gupta (Asia Director, Dalberg Advisors) and a group of IIT Kharagpur alumni based in the U.S.
ZunRoof had raised the first round of angel funding in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the U.S.
In March 2018, Oorjan, a firm active in the rooftop solar PV segment, raised $450,000 in seed funding to help expand its presence in the Indian rooftop solar sector.
Image Credit: ZunRoof
Saumy is a senior staff reporter with MercomIndia.com covering business and energy news since 2016. Prior to Mercom, Saumy was a copy editor at Thomson Reuters. Saumy earned his Bachelors Degree in Journalism & Mass Communication from the Manipal Institute of Communication at Manipal University. More articles from Saumy Prateek.