Supply Chain Startup Solar Ladder Secures Rs 11 Crore Funding

In a key development that signifies the expanding solar power supply chain in India, Mumbai based Solar Ladder has announced that it has secured Rs 11 crore in seed funding. Solar Ladder is a platform that manages the supply chain for solar installation firms. The funds have been raised from Axilor Ventures, Titan Capital, DeVC, Stride Ventures and others. The Angel investors were Atha Group, NIPHA group, and Mamaearth founder Varun Alagh.

Solar Ladder wants to evolve as a primary ecosystem for solar installation players. It said that raised funds will help it to expand its operations and improve services. Rs 11 crore funding will be utilised to distribute software that automates processes among its client base thereby helping the installation firms to expand their business by as much as tenfold. In a discussion with SaurEnergy at RenewX last week, the founders indicated that a key part of their ambitions involves providing working capital funding to smaller installers, besides the software for building proposals.

Manan Mehta, Co-Founder of Solar Ladder, said, “India’s per capita electricity consumption is significantly lower than the global average, and rooftop solar energy is the most cost-effective means of generating electricity. By adopting rooftop solar energy India has a unique chance to decentralize its power supply and enhance the quality of life for all citizens.”

He added, “The key to seizing this opportunity lies with the solar installers who are striving to implement rooftop solar on a large scale. Solar Ladder aims to facilitate faster scaling for these installers by providing them with appropriate financial, procurement, and software tools.”

“In the fiercely competitive domain of rooftop solar installation companies, Solar Ladder aspires to equip local installers in every city with state-of-the-art technologies and services to enhance their capabilities”, added Abhishek Pillai, Co-founder of Solar Ladder.

The company has become profitable without external funding. It has a customer base of more than 250 that includes Mahindra Solarize and Fourth Partner Energy.

Solar sector startups are making their headway through external fund raising in the recent past. Days ago, solar module manufacturing company Navitas Solar raised $5 million for panel making expansion.

Similarly, Mumbai-based startup SolarSquare also raised $4 million last year from Good Capital and other mega investors to expand its B2B commercial solar trade.