Solar EPC Prozeal Infra Pockets $4 Million Series A Funding

Ahmedabad-based Solar EPC firm Prozeal Infra Engineering Private Limited has announced their first round of funding led by Chandrakant Gogri’s family office arm – Alchemie Ventures. The $4 Million (approx. INR 32.5 Crore) investment is for a minority stake at an undisclosed valuation. The funds will be used to scale operations and execute developer-model projects for energy and utility companies. Incorp Advisory was the exclusive investment banker for the transaction, which it claims is the largest Series-A fundraising transaction in India’s Solar EPC space in over 2 years.

Prozeal Infra, claims it has an orderbook of over Rs 1,000 crore ($120 Million), and expects FY25 revenue to surpass Rs 1,500 crore ($187.5 Million)

Manan Thakkar, co-founder at Prozeal, said, “We are aligned with the National Solar Mission – a key project envisaged by Honourable Prime Minister Shri Narendra Modi for India’s energy diversification. This investment is a testament to our vision and commitment to creating a sustainable future for India’s growing energy demands.”

Shobit Rai, his co-founder at Prozeal Infra, adds, “We are thrilled to have Mr. Chandrakant Gogri and his family office as our first investors. Mr. Chandrakant Gogri has a proven track record of building fast-growing and profitable businesses – creating immense value for shareholders. His sharp business acumen and guidance will enable the next phase of sustainable growth for Prozeal Infra.”

Chandrakant Gogri, the Founder & Chairman Emeritus of publicly listed Aarti Group of Industries , said, “I am impressed with what the dynamic and passionate founders at Prozeal Infra have achieved. Solar energy and decarbonization are the backbone of India’s climate change commitment. Prozeal Infra, through its engineering capabilities, is well positioned to capture a lion’s share of this energy transformation.”

Inderpreet Chadha, Head of Investment Banking at InCorp Advisory, said, “This investment catapults Prozeal Infra towards becoming one of India’s largest players in this space. We are proud to be associated on this marque transaction. We proved that commercially prudent businesses with a commitment to create long-term customer value are not affected by the so-called ‘funding winter’.”

Prozeal was started in 2013 with focus on the commercial & industrial segments, and gradually expanded to larger contracts catering towards the utilities segment. Today they claim an installed capacity of 1 GW across multiple projects. They have executed projects for 200+ companies, including marquee clients such as Ashok Leyland, Pidilite Industries, Mahindra CIE, Indian Oil, Hinduja Renewables, JSW, GHCL and many more.