Mumbai based startup SM Windsol today announced that they raised first round of funding from SM Windsol. The size of the investment is INR 50 lakhs.
SM Windsol launched in November 2009, is operational currently in 7 states in India. Commenting on why First Light chose to invest, Kris Nair, Partner at First Light said, “SM Windsol’s team is highly experienced in executing wind solar hybrid projects and its market traction is huge.”
Speaking about the investment, founder and Director, Satish Inaganti said, “The investment shall be used for acquiring empanelment from The Ministry of New and Renewable Energy and scaling up operations.” He also said that having First Light on-board increases the credibility of the company.
Satish has over 13 years of experience with companies like GE & Schneider Electric.
Talking about the challenge in this space, Satish said, “Navigating through redtape has been a huge concern.”
By the end of 2012, SM Windsol aims at a revenue of atleast 12 crores.
To know more about SM Windsol, visit http://www.smwindsol.com