The Rise of Solar Power: India's Top 10 Solar Energy Startups

Solar power is an industry that is developing rapidly here in India. As of December 2019, the country’s solar capacity is at around 32 GW, and continues to rise due to the fact that India is the lowest-cost producer of solar power in the world! With this in mind, it’s no surprise that the solar energy space has begun to attract the interest of entrepreneurs who see the potential that this market has. 00:00

01:00 Oorjan Cleantech: Oorjan Cleantech was founded by IIT Bombay alumni Roli Gupta and Gautam Das in November 2014. The startup provides rooftop solar panels to help its customers bring down energy costs. It also helps its low-income customers to secure easy solar loans through its partnership with IDBI Bank and other banks. Oorjan Cleantech last raised $450,000 in seed funding led by online venture capital firm Globevestor in October 2017.

01:35 Oriano Solar: Oriano Solar is a Mumbai-based cleantech startup that was founded by Sachin Jain, Sameer Shah, and Yeshwant Rao in 2015. Oriano provides turnkey EPC (Engineering, Procurement and Construction) for utility-scale solar power plants, solar farms, and rooftops. Oriano last raised $3 million in series A funding from the Samridhi Fund, a wholly-owned subsidiary of Small Industries Development Bank of India (SIDBI) in March 2017.

02:09 Claro Energy: Claro Energy is a New Delhi-based solar pumping solution provider which was founded by Kartik Wahi, Soumitra Mishra, and Gaurav Kumar in 2011. It provides solar-powered water pumping solutions to cater to the agricultural needs of rural farmers. In January 2019, Claro Energy raised an undisclosed amount of funds from the Samridhi Fund. Previously in February 2015, Claro Energy raised $1 million in debt funding.

02:47 Orb Energy: Orb Energy was founded by Damian Miller and NP Ramesh in 2006, with its headquarter in Bengaluru. It provides affordable solar solutions to its customers, who primarily consist of small and medium enterprises, as well as low-income individuals. In October of 2019, Orb Energy raised an undisclosed amount of funds from Shell Ventures. In January 2018, they raised $15 million in a combination of debt and equity funding.

03:19 MYSUN: MYSUN is a Noida-based online rooftop solar startup which was founded by Gagan Vermani and Gyan Prakash Tiwari in 2015. It provides a platform to connect highly-rated solar installers to deliver high quality, fairly priced solar systems to its customers. In October 2016, MYSUN raised $2.5 million in series A funds led by early and growth stage investment firm General Catalyst.

03:46 Cygni Energy: Cygni Energy is a Hyderabad-based solar energy startup which was founded in 2015. It offers a novel solar DC solution to provide green solar energy and dc power at affordable costs to its customers. Cygni Energy last raised $6.4 million in a mix of equity and debt funding. The equity was led by venture capital firm Endiya Partners and the debt funding was led by Induslnd Bank.

04:15 Fourth Partner Energy: Fourth Partner Energy is a Hyderabad-based cleantech startup which was founded by Saif Dorajiwala, Vikas Saluguti, and Vivek Subramanian in 2010. It provides turnkey rooftop solar energy solutions to its customers, to help them reduce energy costs and provide sustainable energy solutions. In December 2019, Fourth Partner Energy secured a 50 million dollar line of credit from Bank of America. Earlier in June 2018, they raised $70 million in a series B round from The Rise Fund.

04:47 Azure Power: Azure Power is a New Delhi-based clean energy startup which was founded by Inderpreet Wadhwa in 2008. Azure provides affordable and clean solar energy to its customers through utility-scale solar power projects. The cleantech startup claims to have more a 190 solar powered rooftops in their portfolio across 23 states in India. Azure Power last raised $75 million in a post-IPO equity funding from Caisse de Depot et Placement du Quebec in November 2019.

05:20 CleanMax Solar: CleanMax Solar is a Mumbai-based solar energy startup which was founded by Sushant Arora, Kuldeep Jain, and Andrew Hines in 2011. Cleanmax provides solar energy solutions for its clients, like rooftop solar panels in order to help them reduce energy costs, reduce carbon footprint, and achieve sustainability goals. According to CrunchBase, CleanMax last raised $38.6 millionp in a funding round from UK Climate Investments in April 2019.

05:50 ReNew Power: ReNew Power is a Gurugram-based cleantech startup ReNew Power was founded in 2015 by Sumant Sinha, a former investment banker. ReNew provides solar and wind energy solutions to boost the adoption of clean energy. In July of 2019, ReNew Power raised $300 million via rights issues from Goldman Sachs, Abu Dhabi Investment Authority and Canada Pension Plan Investment Board. So far, this clean energy startup has raised a total of $2.3 billion, according to CrunchBase.

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