Rooftop solar startup Zunroof has raised Rs 25 crore ($2.85 million) in a new funding round led by ANBG Enterprise LLP, the Godrej Family Office, along with angel investors John Diaz and S Sunil Edwards.
This follows the company’s earlier Rs 20 crore funding in December last year from Godrej and a group of angel investors. According to a regulatory filing with the Registrar of Companies, Zunroof’s board issued 47,986 equity shares at an issue price of Rs 5,239 each to raise Rs 25.14 crore.
Founded in 2016, Gurugram-based Zunroof designs, installs, and finances rooftop solar solutions and uses artificial intelligence to enhance system efficiency. Since 2020, it has also expanded into smart home solutions with a range of IoT-enabled products.
The startup has raised more than $15 million to date, with Godrej holding a majority stake of over 70 per cent, according to startup intelligence platform TheKredible.
For the fiscal year ending March 2024, Zunroof reported operating revenue of Rs 26.43 crore, down 11.46 per cent from the previous year, while reducing its losses by 51.7 per cent to Rs 14.24 crore.
Zunroof competes in the residential solar market with players such as SolarSquare, which raised $40 million in December 2023, and Glo, which secured $30 million. Other competitors include Cleantech, Mysun, Oorjan, and Freyr Energy.
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