Solar Tech Startup Zunroof Raises $3 Mn in Second Round of Funding from Godrej

After USD 1.2 million investment from Godrej family office in a pre-series A round in April last year, Gurgaon-based startup ZunRoof Tech Private Limited (Zunroof) on Monday now received a follow on Series A funding of about USD 3 million in the second round of investment by the family office.

The company aims to use this new investment to further expand its product portfolio and target of 500 percent growth this year.

Commenting on the investment, Pirojsha Godrej, Executive Chairman of Godrej Properties, said that “we are excited to increase our commitment to ZunRoof. The young dynamic team at ZunRoof has in short time carved out a leadership position in the solar rooftop space and has also identified other exciting growth opportunities. We are confident they will continue to build on this success in the years ahead and we are thrilled to be a part of their journey.”

Zunroof was founded in 2016 by a group of IIT graduates. It claims to have registered yearly growth ranging between 300 percent and 400 percent so far.

The company’s home-IoT product-line is expected to be launched for consumers in the next quarter. Zunroof further claimed that it has already secured multiple B2B clients including real estate developers and shared economy firms for the product line.

“This investment will fuel our aim to put solar on the roofs of 1 million home-owners in the next five years and bring a taste of IoT to these customers,” said Pranesh Chaudhary, Founder & CEO of ZunRoof. Chaudhary himself is an IIT-Kharagpur graduate, and had earlier raised seed funding from alumni from his college too.

“The perfect timing of the funding will help us hire and retain the best talent. Our 150+ employee strength already comprises alumni from India’s most premium companies and institutes including IITs and IIMs,” he added.

After receiving the Series A investment, the company is expected to resolve the affordability issue of solar rooftops in Indian homes.

It is planning to soon launch its service to improve the affordability of solar rooftops, which will be easy on the pockets of its customers and yet save loads of money in electricity bills for them, every year, for over 25 years.

To put things into perspective, a typical household requires a 3 kW Solar rooftop, which saves Rs 30,000 in electricity bills every year for 25 years and currently costs around Rs 1,30,000, according to the firm. To put that in perspective, if one goes by recent updates from various state rooftop tenders, that price is well below Rs 1 lac for a 3 KW setup today, pointing to the extreme dynamism that the sector is witness to today.