[Funding alert] Rooftop solar startup MYSUN raises Rs 32 Cr in pre-Series A round

MYSUN, a Delhi-based technology platform for rooftop solar energy solutions for industry, SMEs/MSMEs, and homes, has raised Rs 32 crore from its existing investors in a structured equity deal as a part of its Pre-Series A round. 

The company is looking to raise Rs 250 crore over the next few quarters, it said in a release.

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 the Middle-East, Asia-Pacific, and Africa. With this investment, MYSUN will also foray deeper into its in-house SME financing solutions, catering to the solar financing needs of SMEs/MSMEs and individuals making solar ownership a hassle-free experience, it added.

Gagan Vermani, Founder and CEO of MYSUN said,

“Our focus continues to use technology as a backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes. With its innovative technology, business model and a highly experienced team, MYSUN is well-placed to leverage this demand into a sustainable growth business.” 

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“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,” Vermani further added.

Since its inception, MYSUN has already catered to millions of customers online and in the past four years, expanded across several states in India.

Founded in September 2015, MYSUN is an end-to-end solar solutions and services company which provides 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, the company claimed.