Solar installation startup ZunRoof has received a huge funding boost after the startup successfully raised Rs 1.66 crore in its second angle funding round. The round was participation from i3N, Paipal Ventures’ Ajith Pai, Gaurav Gupta, Dalbergr and group of IIT Kharagpur alumni.
Prior to this startup, the Gurugram headquartered startup had raised undisclosed amount from unidentified executives working in Facebook, Morgan Stanley and FICO.
ZunRoof will use newly raised funds to increase capabilities in IoT and monitoring segments. Besides, the startup is also aiming to increase its sales run rate by three-fold by end of the next year. Currently, the company’ sales run rate lingers around $6 million.
Founded in mid-2016, ZunRoof is a brainchild of Pranesh Chaudhary and Sushant Sachar. The two-year-old startup leverages breakthrough technologies like VR, IoT and data analytics to provide hassle-free as well as the accurate installation of the solar rooftop.
Today ZunRoof claims to be India’s largest solar rooftop company, claiming more than 60,000 clients including top companies across different parts of the country. The company also promises to offer lifetime support to all its clients.
ZunRoof’s claim to success should not come as a major surprise, given the fact that India‘s solar market is growing at an exponential rate. The country has already emerged as the world’s second-largest solar market, overtaking the U.S. The global information provider IHS Markit claims that the fourth quarter of the current financial year is expected to witness of installation of 34 GW across India the biggest solar installation in a single quarter.
The Indian government’s push for cleaner and green energy is certainly playing helping hand in expanding the solar energy market. Buoyed this demand, global tech investor SoftBank is reportedly considering to invest a huge amount of capital in the solar space.