Loom Solar has raised $2 Mn funding from US based Social Investment Managers and Advisors (SIMA)
Founded in 2018, the Faridabad-based startup works in residential solar space
Loom Solar has been focussing on developing its capacity, innovation, and building new product portfolio
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Solar tech startup Loom Solar has raised $2 Mn funding from US based Social Investment Managers and Advisors (SIMA) under the Energy Access Relief Fund (EARF) supported by the World Bank, DFC, BII, FMO, IFC and others.
The funding will support Loom Solar to achieve its goal of powering millions of homes in India in the medium term through sustainable solar energy, the startup said in a statement.
Founded in 2018, the Faridabad-based startup works in residential solar space. It has introduced products such as mono solar panels, grid connected AC Modules, shark bifacial in shark series, among others.
Currently, it has been focussing on developing its capacity, innovation, and building new product portfolio, and a stronger brand and a deep distribution network across India. Besides India, it also exports its products to 10 countries largely in North America and Europe, under the Government of India’s ‘Make in India’ initiative.
“As we are significantly scaling our portfolio to provide energy access and provide green energy solutions to communities propelling economic growth, reducing carbon emissions, and improving environmental sustainability, the funding support from Social Investment Managers and Advisors (SIMA) has come timely,” Amod Anand, director of Loom Solar said.
“Loom Solar has successfully delivered clean power to thousands of customers across residential, commercial, and industrial sectors in India, and we look forward to working in the same direction by bringing more efficient and green energy solutions in times to come,” Anand added further.
Last November, another solar-focussed cleantech startup SolarSquare raised $12.08 Mn as part of its Series A funding round led by Elevation Capital and US-based climate-focussed fund, Lowercarbon Capital.
In the last one year, many other cleantech startups such as Hygenco, EMotorad, and others have raised funds as the country continues to grow as an emerging market for climate tech solutions.
Bengaluru-based venture capital (VC) firm Transition VC also launched its maiden fund worth INR 400 Cr (around $49 Mn) with a greenshoe option of another INR 200 Cr ($24.5 Mn) last year to back startups across cleantech segments.
However, the space still lags behind in terms of adoption and affordability. Reportedly, India’s climate finance requires nearly $1 Tn over the next decade to successfully work against climate change and achieve the goal of net zero by 2070.
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