Investment platform SustVest has raised $250,000 in a round led by WEH Ventures. The Gurugram-based company had earlier raised $160,000 and received a grant of Rs 30 lakhs from the Ministry of Electronics and IT under its TIDE 2.0 scale-up program. SustVest has been accelerated by Gruhas, DLF Family office and Anthill Ventures.
The proceeds will be channelled towards expanding its user base, SustVest said in a press release.
Co-founded in 2022 by Hardik Bhatia and Devansh Shah, SustVest enables users to purchase fractional ownership in renewable energy projects like solar with a minimum ticket size of Rs 25,000 – setting it apart from platforms requiring up to Rs 1 crore for commercial solar projects.
SustVest claims to have sold Rs 20 crore worth of solar projects and generated Rs 1 crore in energy income to its expanding user base. It also claims to have a base of more than 45,000 registered investors. Enterprises such as Subros, Macrotech Developers (Lodha Group) and Mahle Anand Filter Systems have entrusted their solar projects to its platform.
The company aims for Rs 100 crores in Asset Under Management (AUM) within the next six to twelve months.
WEH Ventures is a sector-agnostic early-stage venture fund and backed several category leading companies such as smallcase, Jar, Masterchow, AppsForBharat and Pratilipi.