The startup will use the capital to strengthen its research and development activities, expand team and grow go-to-market (GTM) partnerships
The development comes almost two years after Probus Smart raised $500K from Unicorn India Ventures
The startup eyes 6X revenue growth and wants to double its team size in the next 18–24 months
Deeptech startup Probus Smart Things has secured $3 Mn from Unicorn India Ventures.
Existing investors of Probus Smart Things also participated in the funding round.
Probus Smart will use the capital to strengthen its research and development activities, expand team and grow go-to-market (GTM) partnerships with ecosystem partners.
The development comes almost two years after Probus Smart raised $500K from Unicorn India Ventures.
Angel investors including Anuj Khanna of Trimaster, Kiran Alla, Theia Ventures, Devdutt Shah, Kuntesh Chandaria, Urmin Group and Anmol Rastogi also took part in the round.
Set up in 2017 by Anand Singh and Ankit Vaish, the Delhi NCR-based startup develops hardware and software solutions for electricity utility providers and helps digitise their distribution grid.
In essence, the startup helps smart electric meters track electricity distribution and wastage.
The startup said that its IoT platform also helps electric meters achieve distribution grid analytics and automation which enables efficient distribution of electricity along with quicker restoration after power outages.
“Probus has been at the forefront of digitization of the last-mile electricity distribution grid. With the GoI mandate of 270 Mn smart meters deployment by 2026 to reduce $40 billion annual losses that India is incurring in the last mile power distribution segment, Probus’s deep-tech in massive scale communications network and data analytics will be of immense value in achieving this goal,” said, Anand Singh, cofounder and CEO, Probus Smart Things.
The startup said recently it launched a product for the solar sector to monitor production efficiency of solar modules in the central inverter solar plans via wireless sensors. It has also bagged its first order from a utility company, covering 78MW (megawatt) solar plant.
Further, Probus aims to grow its revenues by 6X and double its team size in the next 18 – 24 months.
It claims to have helped reduce operations and management costs for utility providers, and decrease electricity expenses for consumers. Furthermore, it asserted that it witnessed 8X revenue growth and attained profitability at the PAT level and also, deployed 500K smart meters in four geographies.
“We back startups that have the potential to be the market leaders in their sector and back them with conviction. Probus is a company in which we have led the round for the 3rd time. We truly believe that the power sector and last mile distribution is a sector waiting to be disrupted and Probus’ IOT platform and smart meters are helping some of the largest utility companies adapt a technology-led approach to monitor their assets better,” said Anil Joshi, managing partner at Unicorn India Ventures.
The startup is currently looking to start operations in SEA and MENA regions in the coming 12-18 months.
In the smart meter solution offering segment, the startup operates along with companies such as Kalkitech and WebNMS.
According to the MarketandMarket report, the global smart meter market is pegged at $23.1 Bn in 2023. The industry is set to grow at a CAGR of 9.4% to become a $36.3 Bn space by 2028.
While, as per BlueWave Consulting report, India’s smart meter market is anticipated to grow at a CAGR of 6.4% by 2028.