With a modest commitment from Ravindernath Chadha, rooftop solar company Zunroof has raised Rs 20 crore, or roughly $2.3 million, from ANBG Enterprise LLP (Godrej Family Office).
According to its regulatory filing obtained from the Registrar of Companies, the Zunroof board has decided to distribute 75,960 equity shares at an issue price of Rs 2,638 apiece in order to raise Rs 20 crore.
The company, which has been in business for six years, focuses on designing, installing, and financing rooftop solar systems. It asserts that solar rooftop systems can be made more efficient by utilizing artificial intelligence. It has also entered the “smart home” market from 2020, providing a variety of IoT-enabled household goods.
With a lot of help from Godrej, Zunroof has raised almost $9 million so far. Prior to the most recent fundraising round, Godrej reportedly owned a 51 percent share in the business.
The Gurugram-based company recently revealed its FY24 financial results, which showed a notable increase in its bottom line as it reduced losses by 51.7%. For the fiscal year ending in March 2024, the company’s operating scale, however, decreased 11.46% to Rs 29.84 crore.
SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy are some of the competitors of Zunroof. Even though solar businesses haven’t received much funding lately, the industry has seen a resurgence of interest with significant investments, such as $40 million for SolarSquare, $30 million for Glow, and $8 million for InSolare.
