Noida-based rooftop solar energy solution provider MYSUN has raised $4.5 million (Rs 32 crore) in a bridge funding round, dubbed as pre-Series A, from its existing investors.
The firm is looking to raise $40 million over the next few quarters. It raised $2.5 million from the same investor back in 2016 as an initial seed fund and has so far secured around $7 million.
MYSUN has declined to name the investor.
Founded by Gagan Vermani, Gyan Prakash Tiwari and Ashit Maru in 2016, MYSUN is in end-to-end solar solutions and services company. The firm provides also provides solar financing solutions to medium to small enterprises as well as residential customers.
The company will invest the capital to further improve its technology infrastructure, scale up the service offerings and expand to newer geographies, both in India and across the world, including parts of the Middle East, Vermani, the co-founder and CEO at MYSUN told TechCircle.
MYSUN claims to use an artificial intelligence-based mobile app for on-site surveying and shadow analysis for accurate energy forecasting. It uses Internet of Things tools for energy monitoring and enhanced customer experience.
With this investment, MYSUN will also strengthen its SME solar financing solutions, Vermani added. The company currently counts Godrej, Parle and Du Pont among its clients.
Vermani has over 25 years of experience in the industry. He started his career with a global automobile company and worked with data storage devices manufacturer Moser Baer's solar space venture. He was also a key member of Sunborne Energy, another solar company.
“As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, we foresee higher and higher demand for independent solar energy systems across the B2B and B2C consumer segments around the globe over the next many years.” Vermani further added.
The cleantech sector in India is still in the nascent stage. Recently, Noida-based clean-tech startup Skilancer Solar raised an undisclosed amount in a seed round from early-stage accelerator platform Venture Catalysts. The funding comes seven months after the company raised funds in a funding round from venture capital firm Alfa Ventures.
Last year, another clean-tech startup, Pune-based Nocca Robotics had raised Rs 12.4 crore in a funding round led by early stage investor IAN Fund.