Smart Joules Raises USD 10 Mn in Series B Round to Expand Energy Efficiency Solutions SVL SME Neev II Fund led the investment, joined by solar company Waaree and Spectrum Impact, supporting the company's growth.
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Delhi-based energy efficiency solutions provider Smart Joules has secured USD 10 million in its Series B funding round. The investment was led by SVL SME Neev II Fund, which is managed by SBI Ventures Limited, along with participation from Waaree, a solar energy company, and Spectrum Impact.
In 2024, It secured USD 8 million from the Investment Fund for Developing Countries, a development financial institution owned by the Government of Denmark.
The company said the fresh capital will support its next phase of growth as it works to scale its impact across commercial and industrial sectors in the country.
The funds will be used to expand its energy efficiency and cooling operations into new sectors and larger projects, including manufacturing, building automation and district cooling.
Smart Joules also plans to strengthen its technology, analytics and on ground execution capabilities.
Arjun P Gupta, Founder and Chief Executive Officer of Smart Joules, said the team has spent the past decade building strong expertise in cooling and automation. He stated that the company has developed mature AI and IoT technology to automate buildings and factories in an intelligent manner.
He added, "By partnering with Spectrum, Waaree and Neev II Fund, we aim to accelerate movement towards our vision to eliminate 29 million tonnes of carbon emissions within this decade by positioning energy efficiency as the first fuel in the built environment."
Founded in 2014 by Arjun P Gupta, Sidhartha P Gupta and Ujjal Majumdar, Smart Joules offers financed energy efficiency as a service (EaaS) solutions such as its JoulePays model and DeJoule building management system. Its portfolio also includes JouleCool, a cooling as a service offering.
The company aims to make energy efficiency simple and profitable, with a target of reducing 29 million tonnes of carbon emissions by 2030. S
So far, Smart Joules claims to have conserved more than 32 crore units of energy and cut 2.4 lakh tonnes of emissions. The new funding is expected to help the company accelerate its progress toward this goal.
