Eastern Light and Power Ltd, which operates rooftop solar technology platform MYSUN, has raised Rs 32 crore (approximately $4.26 million at current exchange rates) in its pre-Series A funding from existing investors.
The company will use the funds to enhance its technological infrastructure, boost its service offerings and expand across India and abroad including the Middle East, Asia Pacific and Africa. However, it did not disclose the identity of the existing backers, MYSUN said in a statement.
New Delhi-based MYSUN was set up in 2016 by Gagan Vermani, Divyanshu Sachdev and Gyan Prakash Tiwari. The firm says it is an end-to-end solar solutions and services company that provides customised services and financing to industries, micro, small and medium enterprises, and residential customers.
“We foresee higher demand for independent solar energy systems across the business-to-business and business-to-consumer segments around the globe over the next many years,” Vermani said, per the report.
MYSUN’s core focus would remain with the SME and home-sector markets, he added.
In October 2016, MYSUN raised $2.5 million (Rs 16.63 crore) from General Catalyst Partners, a US-based venture capital firm focused on early-stage and growth investments. As part of the transaction, General Catalyst Partners managing director Hemant Taneja joined MYSUN’s board.
The re-commitment to MYSUN by its existing backers is the latest move in the solar segment of the larger clean energy sector, which has received both investor and regulatory support in recent years.
Earlier this week, private equity giant KKR announced the signing of definitive agreements to acquire five solar energy assets from Shapoorji Pallonji Infrastructure Capital (SP Infra) for $204 million (Rs 1,554 crore). The portfolio consists of assets with a capacity of 169-megawatt peak (MWp) in Maharashtra and 148 MWp in Tamil Nadu, KKR said.
In January, the International Finance Corporation proposed to make a debt investment of $36 million (about Rs 260 crore) in Mahindra Renewables Pvt. Ltd to help the company develop a solar power project.
Similarly, in December, Dutch development bank FMO proposed an additional equity investment of €1 million ($1.11 million or Rs 7.91 crore) in Orb Energy Pte. Ltd, a solar photovoltaic and solar thermal solutions provider.