Smart Joules raises $10 Mn in Series B round

Energy services firm Smart Joules has raised $10 million in a Series B round led by Neev II Fund, managed by SBI Ventures Limited, with participation from Waaree Renewable Technologies and Spectrum Impact.

Earlier in February 2024, Smart Joules had raised $8 Mn debt from Denmark’s IFU. In 2021, it received $4.9 Mn from Sangam Ventures, Max I. Limited, cKinetics Accelerator and others. 

The proceeds will be used to expand its energy efficiency and cooling operations across commercial and industrial facilities in India. 

The focus areas include manufacturing units, building automation, and district cooling projects. Funds will also be deployed to strengthen its technology, data systems, and on-ground execution teams.

Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules operates on an efficiency-first model and works with enterprises to reduce energy use without upfront capital from customers. 

Its product suite includes JoulePays for performance-based energy efficiency contracts, JouleCool for cooling-as-a-service, and DeJoule, its AI-led building management platform.

According to the company, it has so far conserved 32.1 crore kWh of energy, reduced 2.4 lakh tonnes of CO₂ emissions, and delivered Rs 266 crore in energy cost savings. Smart Joules is targeting a reduction of 29 million tonnes of carbon emissions by 2030.