MYSUN, a technology-backed rooftop solar solutions and services company, has raised Rs 32 crore ($4.2 million) from its existing investors in a structured equity deal as a part of its Pre-Series A round. It is looking to eventually raise Rs 250 crore ($35 million) over the next few quarters as it eyes expansion.
The Delhi-based company plans to use the capital to improve its technology infrastructure further, scale up the service offerings, and expand to newer geographies, both in India and globally, including parts of Middle East, Asia Pacific and Africa.
With this investment, MYSUN will also foray deeper into its in-house SME financing solutions, catering to the unique solar financing needs of SMEs/MSMEs and individuals making solar ownership a hassle-free experience.
Commenting on the development, MYSUN founder and CEO Gagan Vermani said, “We are committed to the vision to make solar energy access easy and reliable for the consumers. Our focus continues to use technology as the backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes. We are happy to continue to have the confidence of our investors and the patronage of our ever-rising pool of customers.”
“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. With its innovative technology, business model and a highly experienced team, MYSUN is well placed to leverage this demand into a sustainable growth business,” he added.
MYSUN offers customised solutions to commercial & industrial as well as residential consumer segments along with in-house financing solutions to provide easy buying options for customers including its SME/MSME clients. The company, with its proprietary demand generation and demand aggregation tools, claims to be the largest online solar platform in India.
MYSUN aims to revolutionize the complete ownership experience of solar in India with a strong backbone of technology including artificial intelligence-based tools, a one-of-its-kind advanced mobile app for on-site surveying and shadow analysis for accurate energy forecasting, and IoT (Internet of Things) tools for energy monitoring and enhanced customer experience.
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