Zunroof Secures Investment for Solar Innovations
Rooftop solar startup Zunroof has successfully acquired additional funding of Rs 25 crore ($2.85 million), led by ANBG Enterprise LLP (Godrej Family Office). This funding round also saw contributions from angel investors John Diaz and S Sunil Edwards. Previously, Zunroof raised Rs 20 crore in December last year from Godrej alongside several angel investors.
The board of Zunroof has approved the issuance of 47,986 equity shares at an issue price of Rs 5,239 each, totalling Rs 25.14 crore, as detailed in a regulatory filing obtained from the Registrar of Companies (RoC). Established in 2016, Zunroof is dedicated to designing, installing, and financing rooftop solar solutions, utilising AI technology to enhance system effectiveness. Furthermore, since 2020, the company has ventured into the smart home market, introducing a variety of IoT-enabled products.
To date, Zunroof has secured over $15 million in total funding. Data from startup intelligence platforms indicate that Godrej possesses a majority stake of over 70% within the company. For the fiscal year concluding in March 2024, the Gurugram-based enterprise reported a decline in operating revenue by 11.46%, amounting to Rs 26.43 crore, while its losses were reduced by 51.7% to Rs 14.24 crore.
Zunroof faces competition from various entities in the residential solar market, such as SolarSquare, which obtained $40 million in December last year, and Glo, which raised $30 million. Other significant competitors include Cleantech, Mysun, Oorjan, and Freyr Energy.
