MYSUN, a leading rooftop solar platform, raises Rs 32 Crores ($4.2mn)

Plans to raise Rs 250 Crores ($35mn)

New Delhi: MYSUN, a Delhi based technology platform for rooftop solar energy solutions for industry, SMEs/MSMEs and homes, has raised INR 32 Crores from its existing investors in a structured equity deal as a part of its Pre-Series A round. As the company is planning newer markets and newer business models in the short to medium term to scale up its technology, customer acquisition and financing play, it is looking to raise Rs 250 Crores over the next few quarters.

MYSUN is an end to end solar solutions and services company, backed by advanced technology and engineering with emphasis on providing tailor-made solar solutions and solar financing solutions to industry, SMEs and MSMEs in particular, and homes/ residential customers. Its proprietary demand generation and demand aggregation tools already make it the largest online solar platform in India.

MYSUN is revolutionizing the complete ownership experience of solar in India with a strong backbone of technology including AI-based tools, a one-of-its-kind advanced mobile app for on-site surveying & shadow analysis for accurate energy forecasting, and IoT tools for energy monitoring and enhanced customer experience.

The company plans to use the capital to further improve its technology infrastructure, scale up the service offerings, and expand to newer geographies, both in India and globally, including parts of Middle East, Asia Pacific and Africa. With this investment, MYSUN will also foray deeper into its in-house SME financing solutions, catering to the unique solar financing needs of SMEs/ MSMEs and individuals making solar ownership a hassle-free experience.

Commenting on the development, Mr Gagan Vermani, Founder and CEO of MYSUN said “We are committed to the vision to make solar energy access easy and reliable for the consumers. Our focus continues to use technology as a backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes. We are happy to continue to have the confidence of our investors and the patronage of our ever-rising pool of customers.”

“As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, we foresee higher and higher demand for independent solar energy systems across the B2B and B2C consumer segments around the globe over the next many years. With its innovative technology, business model and a highly experienced team, MYSUN is well placed to leverage this demand into a sustainable growth business. ”, Mr Vermani further added.

Since its inception, MYSUN has already catered to millions of customers online and in the past 4 years, expanded across several states in India, with the commissioning of major projects for large, medium and small industries; homes and institutes.

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