MYSUN Raises $4.2 Mn; Plans for another $35 Mn Funding in Few Quarters

MYSUN, a Delhi based rooftop solar installer, on Wednesday said it has raised USD 4.2 million (or Rs 32 crore) from its existing investors in a structured equity deal as a part of its Pre-Series A round.

Besides this USD 4.2 million funding, the rooftop solar installer is also looking to raise another round of funding of about USD 35 million (or Rs 250 crore) during the next few quarters. However, it didn’t disclose about the future fundraising mode and about invertors.

This fundraising is part of the company’s further strategy of entering into newer markets and adopting newer business models in a short-to-medium term in order to scale up its technology, customer acquisition and financing.

Now with the capital funding in hand, the rooftop solar installer is planning to use it to further improve its technology infrastructure, scale-up service offerings, and expand it to newer geographies, both in India as well as overseas including parts of Middle East, Asia Pacific and Africa.

Commenting on this significant development for the company, Gagan Vermani, Founder and CEO of MYSUN, said that “we are committed to the vision to make solar energy access easy and reliable for the consumers. Our focus continues to use technology as a backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes. We are happy to continue to have the confidence of our investors and the patronage of our ever-rising pool of customers.”

“As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, we foresee higher and higher demand for independent solar energy systems across the B2B and B2C consumer segments around the globe over the next many years. With its innovative technology, business model and a highly experienced team, MYSUN is well placed to leverage this demand into a sustainable growth business,” he added.

Besides, the company is also planning to foray deeper into its in-house SME financing solutions, catering to the unique solar financing needs of SMEs/ MSMEs and individuals making solar ownership a hassle-free experience.