Smart energy solutions provider ZunRoof Tech has raised $3 million in a Series A funding round from returning investor Godrej Investment Office.
The Gurugram-based company last raised $1.2 million from the Godrej Group in April. The company said it has raised a total of $4.7 million till date.
ZunRoof aims to use the fresh capital to expand its product portfolio, hire talent and fuel a 500% growth this year. It will launch its home internet of things (IoT) product line in the next quarter, the company said in a statement.
“This investment will fuel our aim to put solar on the roofs of one million home owners in the next five years and bring a taste of IoT to these customers,” Pranesh Chaudhary, founder and CEO of ZunRoof, said.
“The perfect timing of the funding will help us hire and retain the best talent. Our 150+ employee strength already comprises alumni from India’s most premium companies and institutes including IITs and IIMs,” he added.
Zunroof was founded in 2016 by IIT graduates Chaudhary and Sushant Sachan. The company specialises in solar rooftop design, installation and management using technology. It is powered by a mix of technologies such as image processing, virtual reality, IoT and data analytics. The company claims to ease the country’s energy issues by using un-utilised rooftops for solar, and provide a setup for a smart home with an in-house developed IoT-enabled hardware and accompanying apps.
Till date, the company has assessed over 2,50,000 homes, designed over 30,000 rooftop solar systems in more than 70 cities in India, and has installed 15 MW+ of rooftop solar and 50,000+ IoT devices, the company said.
Earlier this year, another cleantech startup Skilancer Solar raised capital in a seed funding round from early-stage accelerator platform Venture Catalysts.
Last month, Blume Ventures-backed Cleantech startup Carbon Clean Solutions (CCSL), raised $16 million in a funding round from Boston-based private equity firm WAVE Equity Partners and others.