Gurgaon-based smart energy solutions provider, ZunRoof has raised a fresh round of pre-Series A funding of $1.2 million from Godrej.
The company plans to utilise this round of capital for expansion and further strengthen its product portfolio. According to a statement issued by the company, the funding comes at an integral time for it, as it is working towards the fulfilment of the government’s target of achieving 40 GW by 2022 for rooftop solar.
Commenting on the fourth round of funding, Pranesh Chaudhary, Founder & CEO, ZunRoof, said, “Sushant and I have been blessed to find the right angel investors to fund us since we started. 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 products. We are already market leaders for residential solar rooftops in 40+ cities (including Delhi, Chandigarh, Lucknow, Bangalore) and aim to build on this lead to bring smart and clean energy choices to every home in India.”
ZunRoof, which has designed solar rooftops for over 10,000 residential houses, has earlier raised fundings from investors Ramakant Sharma, Founder of Livspace, Gaurav Gupta (Asia Director, Dalberg Advisors), Pradeep Tharakan, a senior energy specialist at Asian Development Bank (ADB), Vismay Sharma, managing director at L’Oréal (UK & Ireland), Ajith Pai (Paipal Ventures) and Arun Diaz of IntelleGrow and a group of IIT Kharagpur alumni based in the U.S.
Pirojsha Godrej, Executive Chairman, Godrej Properties, said, “We are delighted to support ZunRoof’s exciting plans in the home IOT and solar rooftop spaces. The 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.”
In March, the company won 250 kW capacity as the L1 bidders in Indraprastha Power Generation Co. Ltds (IPGCL) 35 MW solar tender under the Mukhyamantri Solar Power Yojana in the Capex A and D categories.
The 250 kW capacity that was awarded in the, capex-A model for 1-10 kW rooftop solar plants for which the company won 50 kW capacity with the L1 bid of Rs 42,000 per kW, and the capex-D model for 1-10 kW solar power plants with elevated structures for which the company won 200 kW capacity with the L1 bid of Rs 44,100/kW (Rs 42,000/kW + 3 x Rs 700/meter).