US$5M fundraise for an innovative rooftop solar player

COMPANY OVERVIEW

Background: Founded in 2016, the company is an innovative rooftop solar platform dedicated to solarizing millions of homes and small businesses in India. With the launch of India’s PM Surya Ghar Yojana policy aimed at solarizing 10M homes, the company is well positioned to create a huge impact.

Revenue model: The company’s business model differentiates it from traditional franchisee models, making it easy and reliable for homeowners and small businesses to go solar. Their innovative product offerings cater low-income to premium, and urban to rural clients. With two key pillars – Customer Acquisition (online/ offline), and hyperlocal Execution/ Service, the company has a unique value proposition for a differentiated go-to-market for scale & customer experience.

The company has over 500,000 registered customers and 2,000+ projects. They offer a wide range of in-built financing options and a 25-year assurance for a hassle-free solar journey. Driven by the C2C (Close-to-Customer) philosophy, the company integrates technology, digitization, product innovation, and execution.

Management Overview: The company has a seasoned management team with over 50 years of cumulative experience across key management team members in the renewable energy sector and building businesses.

USE OF FUNDS

• Scale up to pan-India (urban and rural areas)
• Enhancing technology platform and tools
• Building a Channel Partner network;
• Building a Verified & Trained Installer Network across India
• Developing a portfolio of digital marketing assets for awareness

POTENTIAL IMPACT

• Job creation and skills training for solar installation, creation of local employment
• Large impact on GHG emissions
• Rural solar deployment will enable households to get up to 300 units of free electricity per month