ZunRoof, an Indian solar rooftop startup, has 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.
When contacted, Pranesh Chaudhary, founder and CEO of ZunRoof, said, “Our sales run rate is approximately ₹411.6 million (~ $6 million) and the funds raised in this round will be deployed to triple this within 12 months, with a positive unit economics.”
“More importantly, our solar rooftop apps have reduced the entire 3-4-month process of getting a rooftop system to a few clicks for the clients (VR, data analytics, image processing all play their parts in our apps). Part of funds will be used to bolster and scale up our technology, specially the IOT-based sense and monitoring devices we have developed this year,” added Chaudhary.
Chaudhary also informed that ZunRoof has assessed and educated 65,000+ clients about solar rooftop systems and electricity issues and has more than 2,500 paying clients. We have completed ~450 installations (we already have the highest number of residential rooftop installations in 10 of the largest cities in north India) and should have the highest installations across India by September 2018, added Chaudhary.
ZunRoof had raised the first round of angel funding in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the U.S.
Recently, Oorjan, a firm active in the rooftop solar PV segment, raised ₹30,867,600 ($450,000) in seed funding to help expand its presence in the Indian rooftop solar sector.
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.