The freshly raised capital will be used to scale up existing operations and new product development.
Founded in 2011 by Ayush Sinhal, Kimbal Technologies offers smart meters and communication infrastructure to enable smart metering
The company claims that it is coming up with a smart meter deployment of 7.7 Mn alongside 5.2 Mn Radio-Mesh powered network interface cards
Delhi-based smart grid solution startup Kimbal Technologies has raised growth capital of $5 Mn (around INR 41 Cr) in a round led by investment advisory firm Niveshaay, with participation from a clutch of investors, including Ayush Mittal of Mittal Analytics Pvt. Ltd and venture partner Sandeep Kapadia, among others.
Kimbal plans to deploy the fresh proceeds to scale up its existing operations and product development for building a power distribution ecosystem.
Founded in 2011 by Ayush Sinhal, Kimbal Technologies offers smart meters and communication infrastructure to enable smart metering. The startup claims to have deployed over 1 Mn smart meters to date.
“While India is on a mission to emerge as the next economic superpower, access to a smart, reliable, and energy-efficient energy distribution grid is a non-negotiable prerequisite. We are growing at a solid pace, and I am strategically focused on ensuring that our growth is not only steep but also steady and sturdy,” said Sinhal.
“India’s rapid economic expansion and increased acceptance of renewables around the world necessitates investments in the power sector to keep the juggernaut rolling. Currently, it is not only about supplying and generating power but also about building a strong power ecosystem and assuring effective distribution to the last mile,” the startup said in a statement, citing investors.
The startup further said it is planning to install 250 Mn prepaid smart meters by next year.
It claims to serve over 75% of components in the value chain and said to be coming up with a smart meter deployment of 7.7 Mn, alongside 5.2 Mn radio-mesh powered network interface cards.
Kimbal competes against the likes of Husk Power Systems, Gram Power, Genus, Probus and Kalki Communication Technologies.
This capital raise comes at a time when the ongoing funding winter has brought about a significant transformation in the country’s startup ecosystem.
However, the previous month’s funding numbers have brought a glimpse of hope with the funding raised by Indian startups zooming 43% month-on-month (MoM) to $734 Mn in February 2024 with the funding deals also increasing to 83.
This accounts for an increase of 4% from $693.47 Mn in February 2023, while the deal count grew 19% year-on-year (YoY) from 67.
As per a report by Market Research Future, the global Smart Grid market industry is projected to grow from $36 Bn in 2023 to $108 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 14.70% during the forecast period (2023 – 2032).
