Exclusive: Zunroof secures fresh funds from Godrej

Rooftop solar startup Zunroof has secured another Rs 25 crore ($2.85 million) fresh funds led by ANBG Enterprise LLP (Godrej Family Office) with the participation of angel investors John Diaz and S Sunil Edwards.

Zunroof had earlier raised Rs 20 crore in December last year from Godrej and a group of angel investors.

The Zunroof’s board has issued 47,986 equity shares at an issue price of Rs 5,239 each to raise Rs 25.14 crore, according to its regulatory filing accessed from Registrar of Companies (RoC) shows.

Founded in 2016, ZunRoof focuses on designing, installing, and financing rooftop solar solutions, leveraging AI to enhance system efficiency. Since 2020, it has also expanded into the smart home space with a range of IoT-enabled products.

ZunRoof has raised over $15 million to date. According to startup data intelligence platform TheKredible, Godrej holds a majority stake of more than 70% in the company.

For the fiscal year ended March 2024, the Gurugram-based company’s operating revenue declined 11.46% to Rs 26.43 crore, while its losses narrowed 51.7% to Rs 14.24 crore.

Zunroof competes with several players in the residential solar space, including SolarSquare, which raised $40 million December last year, and Glo, which secured $30 million. Other notable competitors include Cleantech, Mysun, Oorjan, and Freyr Energy.