Rooftop Solar Company ZunRoof Raises 3rd Round of Angel Funding

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Gurgaon-based solar rooftop startup, ZunRoof, has raised an undisclosed sum in the third round of angel funding from angel investors including Ramakant Sharma, Founder of Livspace and Arun Diaz of IntelleGrow along with the lead investors of ZunRoof’s previous round, Pradeep Tharakan, Gaurav Gupta, Vismay Sharma and others, reported Mercom India.

Prior to this latest funding, the startup had last raised in June last year, when it secured Rs 1.66 crore from i3N, Paipal Ventures’ Ajith Pai, Gaurav Gupta, Asia Director, Dalbergr and a bunch of IIT Kharagpur alumni based in US.

ZunRoof had raised the first round of angel funding in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the U.S.

In a press release statement, Pranesh Chaudhary, founder and CEO of ZunRoof, said, “This funding round comes at the exact right time for us as we are at a clear inflection point to grow at unheard-of speed in solar rooftops. We have a very potent and unique mix of VR, ML and image processing backing our operations which has led us to already the highest number of solar rooftops in India and we aim to build on this lead further.”

Ajith Pai, Partner, Paipal Ventures, said, “ZunRoof today has used technology in VR and image processing to break down the usual barriers to adoption of Roof Top Solar. I continue to be impressed with what they achieved in the short period of time since invested back in April 2018. My repeat investment in the second round of funding is an affirmation of my belief in their tech prowess, their business plan, their company and their team. I have no doubt that this is one investment that will pay off.”

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Last month, Reliance Industrial Investments and Holdings Limited (‘RIIHL’), a wholly-owned subsidiary of Mukesh Ambani-led Reliance Industries Ltd, announced to acquire in Kanoda Energy Systems, an Ahmedabad-based renewable energy services firm that offers services in solar advisory, product design and technology validation. RIIHL is picking up a controlling stake of 88% for ₹ 75 crore (about $10.7 million), in an all-cash deal.

In the same month, Jaipur headquartered solar power developer and EPC player, Rays Power Infra, had raised ₹ 200 crore from DMI Finance.

Source: IndianWeb2

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