ZunRoof, an Indian startup in the rooftop solar segment, has received Series A funding of $3 million (~₹222.7 million) from Godrej Investment Office.
According to the company statement, “This is the second round of investment by Godrej after its $1.2 million (~₹89.1 million) investment in a pre-series A round in April last year.”
ZunRoof specializes in solar rooftop design, installation, and management using computer vision, AI (artificial intelligence), and VR (virtual reality) to streamline the rooftop solar installation and maintenance for homeowners.
Founder & CEO of ZunRoof, Pranesh Chaudhary, said, “This investment will fuel our aim to put solar on the roofs of one million homeowners in the next five years and bring a taste of IoT (internet of things) to these customers.”
According to the statement, the Gurugram-based company will soon launch its service to improve the affordability of solar rooftops, which will be easy on the pockets of their customers and yet save plenty of money in electricity bills for them every year for over 25 years.
Putting things into perspective, the company added that a typical household requires a 3kW solar rooftop, which saves ₹30,000 (~$405) in electricity bills every year for 25 years. A 3kW system currently costs around ₹130,000 (~$1,753).
In an email interaction, Chaudhary said, “We are currently present in 11 states in India and will be adding five more states to our reach in the next few months.”
ZunRoof had raised ₹16.6 million ($0.25 million) in the second round of angel funding from I3N (intellecap impact investment network) led by Pradeep Tharakan, a senior energy specialist at Asian Development Bank, Vismay Sharma, managing director at L’Oréal (UK & Ireland), Ajith Pai (Paipal Ventures), Gaurav Gupta Asia director of Dalberg Advisors and a group of IIT Kharagpur alumni based in the US.
Then in January 2019, Mercom reported that the startup raised an undisclosed sum in the third round of angel funding. It had raised the first round of angel funding in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the US.
Anjana is a news editor at Mercom India. Before joining Mercom, she held roles of senior editor, district correspondent, and sub-editor for The Times of India, Biospectrum and The Sunday Guardian. Before that, she worked at the Deccan Herald and the Asianlite as chief sub-editor and news editor. She has also contributed to The Quint, Hindustan Times, The New Indian Express, Reader’s Digest (UK edition), IndiaSe (Singapore-based magazine) and Asiaville. Anjana holds a Master’s degree in Geography from North Bengal University, and a diploma in mass communication and journalism from Guru Ghasidas University, Bhopal.