The global shift towards renewable energy has gained momentum in response to escalating pollution levels and the imminent threat of global warming to the Earth’s ecosystem. Governments worldwide have implemented various measures to facilitate the transition to clean and sustainable energy sources.
Notably, solar energy stands out as a significantly underutilized yet promising clean and renewable energy source. The proactive stance taken by the Indian government to embrace cleaner energy alternatives has paved the way for substantial opportunities for growth within the Indian solar energy sector.
Here Are The Top 10 Solar Startups In India :
CleanMax Solar
CleanMax Solar, a Mumbai-based solar energy enterprise, was established in 2011 by the visionary trio of Sushant Arora, Kuldeep Jain, and Andrew Hines. Specializing in cutting-edge solar energy solutions, the startup offers tailored rooftop solar installations to clients, aiming to curtail energy expenses, diminish carbon emissions, and assist in the realization of sustainability objectives.
In its latest funding endeavors, CleanMax Solar secured a noteworthy $15 million in November 2017 through a funding round backed by the International Finance Corporation. Preceding this, in July 2017, the company achieved a substantial milestone by raising $100 million in equity funding from the distinguished private equity firm Warburg Pincus.
These strategic investments underscore CleanMax Solar’s commitment to advancing renewable energy solutions and signify the recognition of its pioneering initiatives within the sustainable energy sector.
Fourth Partner Energy
Fourth Partner Energy, a Hyderabad-based cleantech startup, was established in 2010 by Saif Dorajiwala, Vikas Saluguti, and Vivek Subramanian. The company specializes in delivering comprehensive rooftop solar energy solutions, offering turnkey services to clients aiming to optimize energy expenses and embrace sustainable energy practices.
In a significant development, Fourth Partner Energy successfully secured $70 million in a Series B funding round from The Rise Fund in June 2018, underscoring the firm’s growth trajectory and market confidence. Prior to this milestone, the company had raised $2 million from Infuse Ventures in September 2015, further solidifying its position in the renewable energy sector.
These strategic investments position Fourth Partner Energy as a key player in the cleantech industry, showcasing its commitment to advancing sustainable energy solutions.
Cygni Energy
Established in 2015, Cygni Energy is a distinguished solar energy startup headquartered in Hyderabad. The company specializes in delivering innovative solar DC solutions, offering environmentally friendly solar energy and DC power at cost-effective rates to its clientele. Cygni Energy has successfully powered over 20,000 households across 10 states in India, demonstrating its commitment to widespread adoption of sustainable energy solutions.
In its pursuit of excellence, Cygni Energy secured a noteworthy investment of $6.4 million in 2015 through a strategic blend of equity and debt funding. This funding round was spearheaded by Endiya Partners, a prominent venture capital firm, for equity, and Induslnd Bank, a leading financial institution, for debt. This infusion of capital has played a pivotal role in supporting Cygni Energy’s mission to revolutionize the solar energy landscape and enhance accessibility to green power solutions.
MYSUN
MYSUN, an innovative online rooftop solar startup headquartered in Noida, was established in 2015 by the visionary duo Gagan Vermani and Gyan Prakash Tiwari. The company serves as a distinguished platform, facilitating the seamless connection between esteemed solar installers, ensuring the delivery of superior-quality and competitively priced solar systems to its discerning clientele.
In a significant milestone for the company, MYSUN successfully secured $2.5 million in a Series A funding round in October 2016. This funding was led by General Catalyst, a prominent early and growth stage investment firm, further bolstering MYSUN’s strategic position in the evolving solar energy market.
Orb Energy
Orb Energy, a pioneering renewable energy startup, was established in 2006 by the visionaries Damian Miller and NP Ramesh. Headquartered in Bengaluru, India, the company specializes in delivering cost-effective off-grid and grid-tied solar rooftop solutions. Orb Energy is dedicated to assisting small and medium enterprises, as well as low-income individuals, in optimizing their energy consumption and reducing electricity expenses through accessible and innovative solutions. The company’s commitment is reinforced by the provision of collateral-free solar loans.
In a significant development, in January 2018, Orb Energy successfully secured $15 million in funding through a strategic combination of debt and equity. The equity funding amounted to $5 million and was led by FMO, a prominent investment firm based in the Netherlands. Additionally, the company secured $10 million in debt funding from the Overseas Private Investment Corporation (OPIC). This substantial investment further fortifies Orb Energy’s position as a key player in the renewable energy sector, empowering them to expand their impactful initiatives and contribute to the global transition towards sustainable energy solutions.
Oorjan
Oorjan Cleantech, a Mumbai-based rooftop solar startup, was established in November 2014 by the distinguished alumni of IIT Bombay, Roli Gupta, and Gautam Das. The company specializes in delivering rooftop solar solutions aimed at reducing energy expenditures for its clients.
In addition to offering solar panels, Oorjan Cleantech facilitates accessible solar financing options for its clientele, particularly those with modest incomes, through strategic collaborations with financial institutions such as IDBI Bank and other leading banks.
Notably, Oorjan Cleantech successfully secured $450,000 in seed funding during its most recent funding round in October 2017. The investment was led by Globevestor, a prominent online venture capital firm.
This financial backing underscores the confidence that the investor community places in Oorjan Cleantech’s innovative approach and its commitment to fostering sustainable and cost-effective energy solutions.
8 Minutes
8Minutes, a pioneering clean energy startup headquartered in New Delhi, was established in 2015 by the visionary trio of Dev Arora, Anuj Gupta, and Arjun Srihari. Specializing in rooftop solar energy solutions, the company is dedicated to facilitating the seamless transition of its clientele to sustainable and cleaner energy sources. One of the key pillars of 8Minutes’ approach is the provision of flexible financing options, ensuring accessibility for a broad spectrum of customers.
Demonstrating its commitment to advancing sustainable energy, 8Minutes currently boasts an impressive portfolio, with 26 MW of solar assets actively deployed. This deployment results in the generation of an impressive 39 million kWh of energy annually. The significant impact of these achievements underscores 8Minutes’ position as an influential player in the clean energy sector, contributing to the realization of a greener and more sustainable future.
Nuevosol Energy
Nuevosol Energy, a Hyderabad-based solar energy enterprise, was established in 2011 by Himamshu Popuri, an alumnus of the Indian Institute of Technology (IIT). Specializing in the provision of customized rooftop and ground-mounted solar panels, the company caters to the distinct needs of its clientele.
Nuevosol has successfully delivered over 150 megawatts (MW) of installations, establishing itself as the preeminent market leader in mounting structures within the Indian solar energy sector. Renowned for its global reach, Nuevosol has garnered the trust of prominent international industry players, including Juwi Renewables, Solaire Direct, Azure Power, Refex Energies, EMMVEE, WAAREE Energies, and other esteemed clients.
Distinguished by a diverse range of products, Nuevosol specializes in providing comprehensive solutions for ground mounting, flat-roof mounting, inclined-roof mounting, car parks, and other specialized structures. The hallmark of Nuevosol’s approach lies in its rigorous and innovative design process, which incorporates customization tailored to each client’s unique requirements, alongside strategic standardization where applicable. This method results in an optimized product that excels in both durability and cost-effectiveness, surpassing the capabilities of generic, off-the-shelf mounting systems.
Nuevosol’s solar mounting systems are engineered for swift assembly, strategically minimizing installation labor. The components of the photovoltaic (PV) mounting system are designed to eliminate the need for field welding, drilling, or on-site fabrication, thereby accelerating the solar panel installation process. Notably, Nuevosol has set a remarkable industry record by achieving installation speeds exceeding 1 MW per day.
With a commitment to advancing sustainable energy solutions, Nuevosol Energy currently serves a diverse portfolio of approximately 60 clients spanning 22 states across India.
Solar 91
In the realm of cleantech startups, Solar91, based in Jaipur, stands out as a pioneering force. Founded in 2015 by Sandeep Gurnani, Prateek Agrawal, Saurabh Vyas, and Dhawal Vasavada, Solar91 employs cutting-edge solar technologies to offer turnkey EPC solar solutions.
Solar 91 stands committed to delivering comprehensive 360-degree solutions encompassing solar power, solar EPC, solar PV panels, as well as the facilitation of necessary permissions and approvals for solar plant installations. Specializing in both ground-mounted and rooftop solar projects, our company extends its services with a focus on providing cost-effective solutions for clients across India.
With a strategic vision to emerge as a global leader in the solar industry, Solar 91 consistently strives to exceed industry standards. Our dedicated team is committed to fostering sustainable energy practices and ensuring client satisfaction. We take pride in dedicating time and effort to thoroughly explore and tailor solutions that align with the unique requirements of each client, demonstrating our unwavering commitment to excellence in the solar sector.
By doing so, the company not only helps its clients reduce energy costs but also facilitates the transition to a sustainable and clean energy source. To date, Solar91 has successfully installed approximately 500KW of power, contributing to a reduction of over 200,000 kilograms of CO2 emissions.
ONergy Solar
ONergy Solar, a Kolkata-based end-to-end solar solutions provider, was established in 2009 by Piyush Jaju and Vinay Jaju. The company specializes in offering comprehensive solar solutions encompassing design, engineering, manufacturing, and installation for solar rooftops, solar irrigation pumps, solar lighting, and microgrids. ONergy Solar’s holistic approach empowers clients to seamlessly transition to clean and renewable energy sources, thereby enhancing efficiency and reducing overall energy costs.
The backdrop for these ventures is the Indian government’s ambitious target to achieve 175 GW capacity in renewable energy by 2022, with a specific focus on 100 GW from solar power and 60 GW from wind power. This ambitious initiative has spurred numerous startups, including India Go Solar, Solar91, and ONergy Solar, to seize the opportunity and contribute to expediting the country’s transition to cleaner and more sustainable energies.
Conclusion
In conclusion, the top solar startups in India are not just commercial entities but catalysts for change, steering the nation towards a greener, more sustainable future. Their collective efforts align with global initiatives to combat climate change and create a world powered by clean and renewable energy sources. As these startups continue to innovate, collaborate, and expand, they contribute significantly to India’s journey towards a solar-powered future.
