The startup would use the funding to strengthen its technology, team, and accelerate expansion
EdgeGrid is a technology platform to enable the energy transition for last-mile customers including households, small businesses, commercial building owners and electric vehicle charging networks
120 cleantech startups raised $1.2 Bn in the past five years, said a 2021 report by Impact Investors Council
Hyderabad-based B2B cleantech startup EdgeGrid has raised $6 Mn in a funding round led by Lightrock India, with participation from Theia Ventures and other angel investors.
The fundraise would be used to strengthen EdgeGird’s technology infrastructure, team, and for further expansion.
EdgeGird uses internet of things (IoT), artificial intelligence (AI) and industry innovation to solve problems at scale in energy markets. It offers a technology platform for managing last-mile delivery of energy-reducing consumer utility bills.
Founded in 2020 by Sunil Talla and Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal and Vamsi TP, EdgeGrid is building a technology platform to enable the energy transition for last-mile customers including household, small businesses, commercial building owners and electric vehicle charging networks.
“Having been in the energy space, it has become apparent that a shift in the way we produce and consume energy is essential. We believe that a consumer-centric model instead of a centralised model is the only viable solution to make this energy transition more sustainable and profitable. To have a material impact, you need to be willing to go where the emissions and losses are and hence focus on the last mile,” said Sunil Talla, founder and CEO of EdgeGrid.
Its platform enables the last-mile customers to consume energy efficiently and generate energy locally. It also works closely with energy distribution companies and distributed energy generators to reduce their costs and expand renewable energy penetration for the entire ecosystem.
Startups Backing Cleantech Energy Sector in India
India’s renewable energy sector is expected to attract investment worth $80 Bn in the next four years. About 5K Compressed Biogas plants will be set up across India by 2023, as per a report by India Brand Equity Foundation.
It is expected that by 2040, around 49% of the total electricity will be generated by renewable energy as more efficient batteries will be used to store electricity, which will further cut the solar energy cost by 66% as compared to the current cost. Renewable energy will account for 55% of the total installed power capacity by 2030.
Cleantech startups such as Gurugram-based RenewPower; Bollywood actress Deepika Padukone-backed Atomberg; Bengaluru-based 75F; energy-efficiency-as-a-service startup Smart Joules; residential solar energy rooftop installers ZunRoof, Mumbai-based CleanMax among others will have a big role to improve penetration of renewable energy and energy efficiency through their tech-driven algorithms, but the truth is the market is far too fragmented at the moment, with most contractors procuring panels independently.
As far as funding is concerned, these startups have received a good amount in the past one year. For instance, Mumbai-based Atomberg Technologies raised $20 Mn led by Jungle Ventures in December 2021.
CleanMax also received $34 Mn in December 2021 from Danish Investment Fund For developing countries to enhance its commercial and industrial portfolios.
75F, which designs and manufactures IoT-based building management system, raised $5 Mn from Siemens AG in July 2021.
Smart Joules in April 2021 raised $4.9 Mn in a Series A funding round from various investors.
Meanwhile, India ranked third globally in terms of its renewable energy investments and plans in 2020, as per the analytics firm British Business Energy.