Highlights
Zunroof secures ₹20 Crore investment to Propel Solar Rooftop Innovations
we are thrilled to announce that Zunroof, a leading player in teh solar rooftop industry, has successfully obtained an investment of ₹20 crore (around $2.3 million) from ANBG Enterprise LLP, associated with the Godrej family office, along with a smaller contribution from Ravindernath Chadha. The company’s board has sanctioned the issuance of 75,960 equity shares at a price of ₹2,638 each to facilitate this funding initiative as outlined in their official communication to the Registrar of Companies.
Exploring Zunroof and Its Cutting-Edge Solutions
Established six years ago, Zunroof focuses on developing and implementing rooftop solar energy solutions while also offering financing options for its clientele. the company utilizes artificial intelligence to optimize efficiency and performance across its solar projects. In 2020, we ventured into the smart home sector by launching a variety of Internet of Things (IoT) devices tailored for residential applications.
Investment Insights and Stakeholder Dynamics
To date, we have raised around $9 million in total funding with important support from Godrej. Before this latest investment round, it was reported that Godrej maintained a controlling stake in our company at 51%.
Financial Performance and Market Landscape
The most recent financial statements for FY24 indicate that we are progressing towards profitability after achieving an notable reduction in losses by 51.7%. Though, it is indeed critically important to highlight an 11.46% year-on-year decline in operational scale which resulted in total revenues reaching ₹29.84 crore for the fiscal year ending March 2024.
- Navigating Through Competitive Challenges:
- SolarSquare: Raised $40 million
- Glow: Secured $30 million
- insolare: Attracted $8 million
- This competitive landscape presents challenges due to limited funding opportunities—a common hurdle faced by many startups within this sector—yet there is renewed investor enthusiasm evidenced by substantial capital inflows.
Zunroof remains dedicated to fostering innovation and growth within the solar rooftop market as it continues its pursuit of excellence.