Solar products marketplace Ezysolare raises seed funding
Ahmedabad-based Gosolar Ventures Pvt Ltd, a company which runs online solar products and services marketplace startup ezysolare.com, has raised an undisclosed amount in seed funding from Infuse Ventures, according to a press release.
It will use the funding to further develop technology and expand business in the country.
Founded in April 2015 by brothers Anmol Singh Jaggi and Puneet Singh Jaggi, ezysolare.com provides an online platform for engineering and procurement for the equipment used to build solar power projects, thus connecting solar installers with the manufacturers of solar equipments. To begin with, it is concentrating on rooftop solar market.
Anmol, a BTech in applied petroleum engineering from University of Petroleum & Energy Studies, Dehradun, is also a director of Gensol Consultants Pvt Ltd which provides consultancy for clean development mechanism (CDM) & renewable energy projects. Puneet, who was till recently with Gensol, is an IIT Roorkee alumnus.
"Even by conservative estimates, the country has over 1,000 solar installers today, implementing over Rs 1,500 crore worth of solar rooftop projects annually, who can use ezysolare's services, and the market is fast expanding," Amber Maheshwari, vice president of Infuse Ventures, said.
The company claims to have over 45 suppliers and 500 products listed and expects to touch Rs 35,000 crore in value of transactions facilitated annually in the next couple of years in line with the government's target of 40 GW of solar rooftop by 2022.
"There is already a plethora of online marketplaces in India. None of them, however, integrate system design & engineering guidance as a part of the buying journey like we do at our online solar marketplace. The support comes from experts on call and online design services," said Puneet.
Infuse Ventures is backed by IIM Ahmedabad's CIIE, Ministry of New and Renewable Energy, Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank. It supports seed- and early-stage enterprises developing new business models across the renewable energy, resource efficiency, waste, water and other sustainability-related areas.
In the energy sector, it has made a number of investments including companies like GIBSS, which provides energy efficient and environmentally responsible technologies; Glowship.com, an online marketplace platform for energy and environment related products and energy management solution firm Ecolibrium Energy.