New Delhi: Raintree Family Office made an impact investment of $4.9 million (Rs 36 crore) in a Series A funding round of Smart Joules, the single-family company said on Thursday.
Smart Joules, which works on eliminating energy waste, will use the capital to strengthen its energy management team, enhance its digital technology platform and widen its presence across hospitals, Raintree Family said in a statement.
The funding saw participation from Asian Development Bank’s venture arm, ADB Ventures, early-stage venture fund Sangam Ventures, and capital advisory firm cKinetics Accelerator, among others.
“Smart Joules’ proprietary technology and proven business model address the urgent need to reduce energy wastage which resonates with our impact investment philosophy,” Leena Dandekar, founder of Raintree Family, said.
“Our impact philosophy focuses on supporting entrepreneurs and businesses that achieve the right mix of economic and social impact while delivering competitive returns,” Dandekar added.
Raintree Family said that Smart Joules’ proprietary technology and business model allow the firm to guarantee 10-30% energy savings to clients.
The investment marks Raintree Family’s first impact investment in the cleantech sector. Raintree Family is a single-family office that is working on tackling India’s environmental and social issues through its investing arm Raintree Ventures.
Smart Joules was founded by Arjun P Gupta, Ujjal Majumdar, and Sidhartha Gupta.