Smart Joules Bags $10 Mn To Scale Its Energy Efficiency Solutions

SUMMARY

Smart Joules is an energy efficiency startup that helps large buildings and factories cut electricity bills without changing their core equipment

Prior to this round, the startup had raised about $17 Mn from investors like Asian Development Bank (ADB), Sangam Ventures, Raintree Family Office, CKinetics Accelerator, among others.

Energy efficiency startup Smart Joules has raised $10 Mn (about INR 90 Cr) in its Series B funding round led by SBI Ventures’s SVL SME Neev II Fund, solar energy company Waaree and family office Spectrum Impact.

The proceeds will be directed toward expanding its energy efficiency and cooling operations into newer sectors and larger-scale projects including manufacturing, building automation, and district cooling, while further strengthening the company’s technology, analytics, and on-ground execution capabilities. The startup currently has a presence in sectors like healthcare and hospitality.

Founded in 2014 by Arjun Gupta, Sidhartha Gupta and Ujjal Majumdar, Smart Joules is an energy efficiency startup that helps large buildings and factories cut electricity bills without changing their core equipment.

It installs smart sensors and controllers that continuously monitor systems like air-conditioning (HVAC), chillers, compressors, boilers and lighting. Its software then automatically optimises how and when these machines run so they use the minimum possible power for the same output.

Its stack of offerings include the following:

DeJoule: AI-powered building-management system that installs sensors and controllers on HVAC, chillers, pumps, lighting and other equipment. It logs data minute-wise to find optimal operating patterns and automatically control systems.

JoulePAYS: A “Pay-as-you-save” offering for existing buildings or factories that sees Smart Joules retrofit or upgrade systems with no upfront cost to the client. Clients pay through savings achieved by reducing their energy bills.

JouleCOOL: This is a “Cooling-as-a-Service” solution for new (greenfield) buildings or large central cooling setups. In this, Smart Joules handles the central cooling end to end.

It counts Apollo Hospitals, ITC, Blackstone, Le Meridien, among others as its client base. With its energy efficiency offerings, the startup claims to have conserved 32.1 Cr kWh of energy, cut 2.4 lakh tonnes of CO₂ emissions, and saved INR 266 Cr in energy costs till date.

Prior to this round, the startup had raised about $17 Mn from investors like Asian Development Bank (ADB), Sangam Ventures, Raintree Family Office, CKinetics Accelerator, among others.

On the financial front, the startup’s net loss widened 94% YoY to INR 91 Lakh in FY24. Meanwhile, its operating revenue increased 29% YoY to INR 49 Cr. The cleantech startup is yet to disclose its financial health for the fiscal year FY25.