Delhi-based clean energy access company Boond Engineering and Development has raised an undisclosed amount in Series A equity investment led by OPES Impact Fund with participation of two other members of investment network Ennovent Circle – Rianta Capital and Sumantra Roy.
Boond designs solar power centres and products for rural markets such as solar light systems, solar light bulbs, biomass gas stoves, solar AC inverter systems and solar water pumps.
Currently it has six energy hubs across districts in Rajasthan and UP, enabling 10 million people to access customised solar solutions.
With this investment, Boond plans to build a stronger service infrastructure in the form of energy hubs, demonstration units, inventory and trained technicians.
“This investment will help fast-track our plans for the future and using this capital Boond will expand to over 20 hubs in the two states that we work in reaching over 1 million people. The funding will also help sustain our organisation while penetrating virgin areas with low energy access,” said Rustam Sengupta, founder, Boond.
OPES Impact Fund, is part of Fondazione Opes, an Italian impact investment initiative targeting early-stage social enterprises in emerging countries. Since April 2013, it has invested in five social enterprises, of which two are in India.
It is part of two-year-old Ennovent Circle, a platform bringing together a group of investors, mentors and entrepreneurs who collaborate to accelerate innovations for low-income markets.
“We have decided to invest in Boond … most of all because we find their impact model very effective, as they can provide access to energy in the remotest areas while maintaining high-quality standards and affordability,” said Elena Casolari, executive president of Fondazione Opes.
“With the decrease in solar prices and the lower cost of due diligence this investment in Boond aims to provide the highest rural penetration while maintaining installation and service quality,” said Sumantra Roy.
(Edited by Joby Puthuparampil Johnson)