The Chennai Angels (TCA), a network of private angel investors, has invested an undisclosed amount in Hyderabad-based solar power products firm Fourth Partner Energy Pvt Ltd, according to a press release.
The investment round was led by TCA investor members, Shankar V, Kayar Raghavan and Narayanan R.
Founded in 2010 by Vivek Subramanian, Saif Dhorajiwala and Vikas Saluguti, Fourth Partner Energy has completed over 300 solar installations across the country with marquee public and private sector companies. While Subramanian and Saluguti are alumni of Insead (France), Dhorajiwala graduated from IIM-Calcutta.
The company builds, develops and manages a portfolio of de-centralized solar power assets in India by positioning itself as full-services RESCO (Renewable Energy Services Company).
It makes and markets its solar powered products such as lamps, water heaters etc under the brand Umber. In addition it is into energy efficiency products such as power savers and provides energy audits. The firm is also looking to get into LED products business.
“We are convinced that the distributed power segment will see explosive growth over the next few years. This disruptive application will call for financial engineering and execution skills, both of which 4PEL possesses in abundance. We have full faith in the management team and believe that they will emerge as leading lights in this fast growing segment,” Narayanan from The Chennai Angels said in the statement.
The Chennai Angels, formerly known as Chennai Entrepreneurship Trust Fund, was founded in November 2007. Earlier in March, The Chennai Angels, along with investment bank Spark Capital, invested in the Bangalore-based education products and services start-up Skyfi Labs.