Claro Energy, India’s leading innovative solar solutions company has announced that it has raised its first round of funding from a group of angel investors in India, Singapore, USA, and Canada.
Claro Energy offers solar powered water pumping solutions to meet the irrigation requirements and rural drinking water needs. Claro Energy was founded by Kartik Wahi and Soumitra Mishra after their MBA at Kellogg School of Management, USA. Later Gaurav Kumar from Punj Lloyd joined and since then the trio has established Claro Energy as the leading solar energy based water-pumping company in India today.
Solar irrigation holds huge potential in India, where rural regions face severe shortage of power. There is a high power deficit in several agrarian states and conventionally, farmers have been using diesel generators and mostly dependent on monsoon rains. Claro’s design, centrifugal AC/DC pump, knowledge of middleware, motor operations and engineering of an off-grid solar PV irrigation pump provides farmers an optimal and integrated solution.
Since its inception, the company has expanded its operations from Bihar into UP, Punjab, Jharkhand, Chhattisgarh and Tamil Nadu. Over the last few months the company has been awarded key projects to install several hundred solar pumpsgiving it a very robust order book. Although a large fraction of its business is with government, Claro is aiming a unique method to sell its solution directly to farmers. Claro is also a certified MNRE (Ministry of New & Renewable Energy) channel partner and is able to directly disburse subsidies to individuals.
Speaking on the funding, Soumitra Mishra, Claro Energy said “We are very happy to associate with the angel investors who represent accomplished entrepreneurs, technologists, investors and bankers. Equity capital will further our strategic initiatives that will set us up on a stable and solid growth trajectory. Reducing diesel consumption and improving crop yields due to affordable, adequate and timely irrigation has the power to reform our country.”
The investment was led by Sheetal Bahl, MD of growx ventures and independent angel investor. Other investors include Abraham Thomas, Co-Founder at Quandl, Arun Singhal, MD at Standard Chartered Bank, and Kashyap Deorah, a successful serial entrepreneur.
Sheetal Bahl, who will be joining Claro’s Board of Directors, said “Solar powered pumps are reliable, long lasting and cost effective and have the potential to solve the irrigation problem for millions of farmers. Claro has a great team and has a well thought out plan to grow its operations, and is likely to become a key player not just in solar energy, but also in the broader area of agriculture in the coming years.”
For more information, please visit www.claroenergy.in