A Gurgaon-based sustainable investment firm SustVest has raised $160,000 from angel investors to enhance its presence in India’s clean energy market.
The funding round was led by early-stage investors Paurush Sonkar of Stallions Capital, Balaji Vaidyanathan, and Sandeep Shetty.
The investors will take a 15% per annum return from the income generated by the projects executed by SustVest. Investors will also hold digital ownership of the solar/EV (electric vehicle) assets, which would be leased to consumers.
Founded in 2018, Sustvest is a sustainable investment platform that allows individuals or companies to invest in renewable energy assets such as rooftop solar or EV charging points, starting with as low a figure as INR ₹5,000 (~$64.46). With the latest round of funds, the company aims to provide a sustainable platform to renewables sector stakeholders in India.
SustVest has a pipeline of clean energy projects worth $3 million, according to the company. The company provides access to pre-vetted deals bringing several potential investors together to fund a leased project to electricity consumers who pay monthly instalments to use the electricity generated.
Hardik Bhatia, CEO of SustVest, said, “Currently, we only deal with solar specific assets. With the funds raised, we plan to add more assets apart from solar rooftop projects. We want to expand our assets operations in small-scale hydro projects, wind projects, and greenhouses to provide sustainable assets to individual retail investors. In the next six months, we aim to onboard over 5,000 Investors and have over ₹100 million (~$1.52 million) worth of assets under management.”
Earlier this week, the manufacturer of sub-components for EVs, Revoh Innovations, raised $150,000 in a seed round from angel investors to build a motor controller production facility in Tamil Nadu.
Electric two-wheeler manufacturer Ather Energy also raised $128 million from the National Investment and Infrastructure Fund and Hero MotoCorp to accelerate the expansion of its production units in India, focusing on research and development.