[Funding Alert] Godrej Invests In Solar Tech Start-Up ZunRoof's Series A Round With the new funds, the Delhi-based company said it hopes to resolve the affordability problem that exists with solar rooftops in India.
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ZunRoof, a start-up that provides solar rooftop solutions, has raised $3 million in a Series A round from the Godrej investment office. This investment comes nearly a year after the company raised a pre-series A round from the same investor.
Founded in 2016 by Pranesh Chaudhary and Sushant Sachan, the company uses un-utilized rooftops for solar, and provides control of every appliance in one's house through hardware enabled by Internet of Things (IoT) and accompanying apps.
"This investment will fuel our aim to put solar on the roofs of 1 million home-owners in the next five years and bring a taste of IoT to these customers," chief executive officer Chaudhary said in a statement, adding that it would also help them hire and retain the best talent.
The company has so far assessed over 2,50,000 homes, designed more than 30,000 rooftop solar systems in 70 cities across the country. It has installed more than 15 megawatts of rooftop solar as well as over 50,000 IoT devices.
Plans Going Forward
After this round, ZunRoof said it hopes to resolve the affordability problem with solar rooftops in India. It would soon launch a service to improve affordability, which it claims would be easy on customers' pockets and save plenty more in electricity bills for more than 25 years.
A typical household requires a 3 kilowatt solar rooftop, which saves INR 30,000 in electricity bills every year for 25 years and currently costs around INR 1,30,000, the company said.
ZunRoof, which has so far registered year-on-year growth between 300 per cent and 400 per cent, said it plans to expand its product portfolio this year and register a 500 per cent growth. In the next quarter, the company will launch its home-IoT product-line for consumers. These products have already secured multiple business clients including real estate developers and shared economy firms.
"The young dynamic team at ZunRoof has in short time carved out a leadership position in the solar rooftop space and has also identified other exciting growth opportunities," said Pirojsha Godrej, executive chairman at Godrej Properties.