Rooftop solar installation startup ZunRoof has raised Rs 1.66 crore in its angel round of funding from i3N, Paipal Ventures’ Ajith Pai, Gaurav Gupta, Asia Director, Dalbergr and a bunch of IIT Kharagpur alumni based in the US.
This is the second round of investment for the Gurugram-based startup after an undisclosed first round from executives from Facebook, Morgan Stanley and FICO in December 2016.
The development comes at the time when the Indian government is looking for a huge investment in the green energy sector including partnerships with other countries such as China.
Besides, India is a hotbed of attraction for global investors such as SoftBank who is planning to infuse a whopping capital in the segment.
The solar (rooftop installation) marketplace will use the funds to ramp up its technology in IoT and monitoring segments. Meanwhile, it also aims to triple its sales run rate in next one year, which is currently hovers around $6 million, reports ET.
Launched in April 2016 by Pranesh Chaudhary and Sushant Sachan, ZunRoof is a home-tech company, powered by a mix of image processing, VR, IoT and data analytics.
It has developed proprietary tools that predict accurate size and design of the system as well as all techno-economic feasibility metrics through its backend processes. The company also provides the best prices and the right quality options to its customers through multiple installer partners.
For instance, a 6kw of solar system costs around Rs 4 lakh. However, after a subsidy of Rs 1.5 lakh the total bill cuts to Rs 2.5 lakh. Based on the current unit-economics, the whole solar panel system becomes free in three years, claims the company.
With more than 2500 paying clients, ZunRoof says that it has a lead in rooftop installations in ten of the largest cities in North India.
With an interview with Entrackr, ZunRoof claimed to become unit-economics profitable in Delhi-NCR and now aims to expand to other regions such as Agra, Faizabad, Chandigarh, Haridwar, and Jaipur.
A host of startups in India such as Oorjan, CleanMax Solar, Nuevosol, Ultimate Sun Systems, and Ezysolare, among others have been offering solar solutions and raised decent fundings from investors.