Infuse Ventures to join IFC for Ecolibrium investment
Gujarat-based energy management solution company, Ecolibrium Energy Pvt Ltd, has secured undisclosed funding from Infuse Ventures and International Financial Corporation (IFC), a source privy to the development told VC Circle.
Last September, VCCircle had reported that IFC might invest in IIM Ahmedabad-incubated Ecolibrium. At that time, the company was looking to raise $1.5 million.
Ecolibrium will use the funds to strengthen its product capabilities and to reach out to its customer base, the source said. It will also expand to power grid infrastructure management and renewable energy monitoring.
A call to its Founder and director Harit Soni went unanswered.
Founded in 2008 by siblings Harit and Chintan Soni, Ecolibrium provides a technology platform to monitor and control electricity usage for commercial and industrial customers. The company, incubated at IIM-Ahmedabad’s business incubator, Center for Innovation, Incubation & Entrepreneurship (CIIE), was operational in August 2010.
An alumnus of London School of Economics and Political Science, Harit has worked with KPMG, AIESEC Canada Inc., Infosys etc prior to setting up Ecolibrium. Chintan is an alumnus of Symbiosis International University in Pune and has previously worked at Schlumberger and Gujarat Venture Capital.
Ecolibrium develops and implements smart grid technologies and implements business models to increase the installation of grid-connected solar systems. The company is working with electricity utility companies and private housing complexes. Its specialties include smart grid, distributed renewable generation, wireless energy monitoring and tracking.
Earlier last year, IFC, along with Global Environment Fund (GEF), had invested $4.5 million in the energy efficiency firm Kalki Communication Technologies.
IFC also has two India-focused funds in this space – Infuse Capital, a $25-million early-stage fund focused on cleantech and sustainable energy enterprises, and Nereus India Alternative Energy Fund LLC, a $250-million fund focused on clean energy developers.
Infuse Ventures is an India-focused early-stage venture fund and ecosystem created through a unique public-private-academia collaboration. Managed by CIIE, the partners of Infuse include the Ministry of New and Renewable Energy, Technology Development Board and British Petroleum.
(Edited by Prem Udayabhanu)
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Ecolibrium Energy Pvt. Ltd. is engaged in the business of providing energy management solutions. It offers smart sense solutions, an industrial internet of things (IOT) platform that helps industrial and commercial energy consumers to monitor, analyse and reduce cost of energy; grid sense solution, a grid infrastructure that help electricity distribution companies to reduce costs by managing load and assets more efficiently; and green sense, a renewable energy management and micro-grid platform, which helps to owners to optimize the yield from green energy and reduce the carbon footprint. The company was founded in 2008 and is based in Ahmedabad, Gujarat with additional office in Bengaluru.
KPMG India Pvt. Ltd. is a financial and business advisery company. It offers financial advisory services, business advisory services, tax and regulatory services and risk advisory services. The firm also provides management consulting services, mergers and acquisitions advisory services, public-private partnerships solution services, risk consulting services, transaction and reconstruction services, sales and divestures solution services, tax professional services, domestic and indirect tax services and payroll services as well. It caters to the requirements of building and construction; transport, leisure and sports; media, private equity, life science, education, healthcare, telecommunications, technology, public sectors enterprises, consumer markets, defence and aerospace; energy and natural resources; family enterprise, financial services and government. The company was founded in 1993 and based in Mumbai, Maharashtra.
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