Indian Solar Rooftop Startup ZunRoof Raises Series A Funding Worth $1.2 Million
The startup began its operations in June 2016
May 2, 2019
ZunRoof, an Indian solar rooftop startup, has raised another fresh round of series A funding of $1.2 million from Godrej properties.
ZunRoof specializes in solar rooftop design, installation, and management using computer vision, AI (artificial intelligence) and VR (virtual reality) to streamline the solar rooftop installation and maintenance for homeowners.
According to the company, it has designed solar rooftops for over 10,000 residential houses, across 40 cities including Delhi-NCR region, Bengaluru, Chennai, Chandigarh, Lucknow, Kanpur, Agra, Jaipur, Haridwar, Ludhiana, and Jalandhar. The company plans to utilize this round of capital for its expansion and to strengthen its portfolio further.
As previously reported by Mercom, ZunRoof had raised ₹16.6 million ($0.25 million) in a second round of angel funding from I3N (intellecap impact investment network) led by Pradeep Tharakan, senior energy specialist at Asian Development Bank, Vismay Sharma, managing director at L’Oréal (UK & Ireland), Ajith Pai (Paipal Ventures), Gaurav Gupta Asia director of Dalberg Advisors and a group of IIT Kharagpur alumni based in the U.S.
Then in January 2019, Mercom reported that the startup raised an undisclosed sum in the third round of angel funding. It had raised the first round of angel funding in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the U.S.
Pranesh Chaudhary, founder, and chief executive officer of ZunRoof, said, “Our pre-series A and backing from Pirojsha Godrej comes at the perfect time – allows us to hire and retain great talent, scale solar rooftop operations across India and launch our home-IoT (internet of things) products. We are already market leaders for residential solar rooftops in more than 40 cities and aim to build on this lead to bring smart and clean energy choices to every home in India”.
Speaking on the funding to ZunRoof, Pirojsha Godrej, executive chairman, Godrej Properties said, “We are delighted to support ZunRoof’s exciting plans in the home IoT, and their founders’ exciting vision combined with the passion, knowledge and the leadership they’ve demonstrated in the space makes us very excited to be a part of their journey”.
Similarly, in March 2018, Oorjan, a firm active in the rooftop solar PV segment, raised $450,000 in seed funding to help expand its presence in the Indian rooftop solar sector.
Image credit: ZunRoof
Soumik is a staff reporter at Mercom India. Prior to joining Mercom, Soumik was a correspondent for UNI, New Delhi covering the Northeast region for seven years. He has also worked as an Asia Correspondent for Washington DC-based Hundred Reporters. He has contributed as a freelancer to several national and international digital publications with a focus on data-based investigative stories on environmental corruption, hydro power projects, energy transition and the circular economy. Soumik is an Economics graduate from Scottish Church College, Calcutta University.