ZunRoof Bags USD 3 Million from Godrej for Internet of Thing (IoT)-based solar rooftops
ZunRoof helps individuals reduce electric bills by using unutilized rooftops for solar energy generation
Gurugram-based cleantech startup ZunRoof has raised USD 3 Million in its Series A funding round from consumer goods and real estate conglomerate Godrej’s investment arm — Godrej investment office.
According to ZunRoof founder and CEO Pranesh Chaudhary, the funding will be used to increase the company’s presence in six new states in India. Currently, the company is operating in 11 states in India. The investment will fuel our plan to put solar panels on the roofs of one million houses in the coming five years.
Founded in April 2016 by IIT alumnus Pranesh Chaudhary and Sushant Sachan, ZunRoof specializes in solar rooftop design, installation, and management using advanced technologies such as computer vision, Artificial Intelligence, and VR. The startup helps customers reduce their electric bills by using unutilized rooftops for solar energy generation. It also offers internet-of-things (IoT) devices for power usage monitoring through an associate application.
With the recent funding, ZunRoof is also looking to improve the affordability of rooftop solar plants for houses. Pranesh Chaudhary explained that, currently, the return on investment period of solar rooftops is approximately three to years. Still, the startup is developing a product that will very soon allow people to save and conserve energy from day one.
ZunRoof will also use some money on the launch of new internet-of-things (IoT) based product line. The startup claimed that the upcoming products have already obtained multiple B2B clients, such as real estate developers and builders of shared economy infrastructures.
According to Pranesh Chaudhary, the company had achieved registered yearly growth between 300% and 400% since initiation. For the financial year of 2020, the startup is aiming 500% growth, which will be majorly propelled by B2B clients and the new internet-of-things (IoT) based product line. Also, the startup is expecting to close FY 2020 with 4x the revenue it achieved in FY19. ZunRoof is on course to make profitability in the next eighteen months.
Before this funding, ZunRoof had raised USD 1.2 Million from Godrej in its Pre-Series A round in April last year. According to Pirojsha Godrej, executive chairman of Godrej Properties, ZunRoof’s remarkable track record impressed the Godrej to invest in it again.
Under the National Solar Mission, the government has set a target of accomplishing 175 gigawatts of installed renewable energy capacity by the end of 2022. It is worth mentioning that out of this 175 GW. The government is planning to generate 40 gigawatts of energy solar from rooftops.
To help the government, Indian startups companies are also doing their bit with the help of funding and investments flowing towards the cleantech segment.
