Mumbai-based rooftop solar platform Oorjan, which provides solar energy to homes and businesses has raised $450,000 in seed funding led by Globevestor. A group of senior directors in banks and financial services companies, including Sayandev Chakravartti, Aditya Sharma, Nisha Pillai and Mayur Bhat have also participated in this round.
Talking about the investment, Ankur Shrivastava, Partner at Globevestor said, “There is no doubt that solar is the way of the future. India is witnessing a joining of forces & commitment from government, industry, manufacturers and entrepreneurs, which has brought momentum to the sector and makes now a great time to invest in it.”
Oorjan was founded in 2014 by IIT Bombay alumni Roli Gupta and Gautam Das. Prior to starting up, Gupta worked as a business development manager at US-based solar products manufacturer AREVA Solar, while Das earlier worked at Citibank. The startup was also selected among the top-10 women-led startups last year by the Anita Borg Foundation and Government of India.
Commenting on the fundraise Roli Gupta, co-founder & CEO, said, “While India has great potential for solar, adoption has been traditionally limited due to a highly frictional experience for consumers. With the cost advantage on solar’s side now, we believe that technology and financing will play a major role in pushing adoption, and the current fundraise will enable us to invest in making the customer experience seamless. We’re building a core technology moat across lead generation, pre-sales experience, smart CRM & engagement, as well as in leveraging solar data at scale.”
The company already has operations in 4 cities, namely Mumbai, Pune, Bengaluru, and Chennai, has completed around 70 projects till date, and estimates revenues for 2017-18 at Rs 15 crores.
Further, the seed funding will be used by the startup to scale operations, augment sales efforts and further build their technology advantage.
US-based Globevestor is a new-age VC firm that operates a hybrid of micro-funds and an online platform to invest in promising startups in US/India. In past 3 years, Globevestor has made 32 early-stage investments across diverse sectors, such as SaaS, fintech, education, IoT, transport and healthtech.
Its notable investments include Zoomcar, Flintobox, OnlineTyari, Rubique Finance, Springboard, TableHero, Wealthy, InstaOffice, etc. About 60% of Globevestor portfolio firms have gone on to raise follow-on funding, collectively raising over $80M till date.