Energy efficiency solutions provider Smart Joules has raised $10 million in Series B funding led by SVL SME Neev II Fund managed by SBI Ventures, Waaree Renewable Technologies, and Spectrum Impact.

The investment will accelerate Smart Joules’ next phase of growth as it scales across India’s commercial and industrial sector.

The funds will be directed toward expanding its energy efficiency and cooling operations into newer sectors and larger-scale projects, including manufacturing, building automation, and district cooling, while further strengthening the company’s technology, analytics, and on-ground execution capabilities.

Smart Joules’s portfolio of solutions includes JoulePays, an energy-efficiency performance contracting solution, JouleCool, a cooling-as-a-service offering, and DeJoule, an AI-powered full-stack building management system.

Smart Joules said it aims to reduce carbon emissions by 29 million tons by 2030. To date, the company claims it has conserved 321 million units of energy, reduced CO₂ emissions by 240,000 tons, and saved ₹2.66 billion (~$29.43 million) in energy costs.

Arjun P. Gupta, Founder and CEO at Smart Joules, said the company has built a team with expertise in cooling and automation, matured AI and IoT technology to automate India’s buildings and factories, and introduced efficiency- and cooling-as-a-service business models to eliminate energy waste.

Earlier this year, the Ministry of Power launched a new program, Assistance in Deploying Energy-Efficient Technologies in Industries and Establishments, to enhance energy efficiency in micro, small, and medium enterprises. The Bureau of Energy Efficiency is the implementing agency for this program, which has an outlay of ₹10 billion (~$116.28 million). It will be implemented over a three-year period from the financial years 2025-26 to 2027-28.

Out of the total budget, ₹8.75 billion (~$101.74 million) has been earmarked for interest subvention, ₹500 million (~$5.81 million) for conducting Investment Grade Energy Audits, and ₹750 million (~$8.72 million) for implementation and handholding support.

In 2023, the Ministry of Power established the Advanced Industrial Technology Demonstration Center to enable industry stakeholders to demonstrate and exchange knowledge on new energy-efficient technologies in the country.