Solar market place MYSUN has announced that it has received an initial funding of 2.5 million dollars, which is by far the largest funding received by a company in this innovative business segment that is directed at impacting the rooftop solar industry.
Gagan Vermani, Divyanshu Sachdev and Gyan Prakash Tiwari founded the company in September, 2015 with the idea of focussing on demand creation, technology, big data, analytics and standardisation in the non-utility and rooftop solar sector in India.
In the wake of this investment, Hemant Taneja, Managing Director at General Catalyst Partners, an American venture capital firm, has joined the MYSUN board of directors.
In a recent research by CB Insights, Hemant was named as one of the top 100 venture capitalists in the world. He has lead several successful investments including Snapchat, Gusto, Stripe, etc. to name a few.
MYSUN plans to utilise Hemant's deep experience and leadership to drive its aggressive mission to solarize 10 million rooftops in India.
Hemant said, "The potential of off-grid and rooftop solar in India is immense, more so with the falling prices of solar. I am impressed by MYSUN's unique and innovative approach to drive growth in this sector. With the enthusiastic and experienced team here, I am sure the company will make a huge impact in the solar sector."
MYSUN platform aims to change the way solar is perceived, bought and sold in India.
It makes it easy for consumers to understand and adopt solar with the help of high-end technology, data, financial products and an online marketplace that connects them to highly-rated pre-screened solar installers to deliver a high quality and best-priced solar system.
These pre-screened sellers adhere to strict quality standards prescribed by MYSUN.
Moreover, the benefits for consumers don't stop there as MYSUN stays with the consumers even after the solar systems have been installed and supports them throughout their solar journey.
Gagan Vermani, Founder and CEO, MYSUN said "We are pleased to announce our first funding of $2.5 million to back our vision. This will help us scale up faster and invest further into technology and infrastructure. We are also delighted to have Hemant Taneja on our board and look forward to gain from his wide experience in scaling up the business. "
MYSUN has got immense interest and is seeing increasing momentum amongst the consumers and solar installers since its formal launch just a few weeks back. Moreover, there are a lot of stakeholders like developers, lenders, investors, consultants, architects, etc. who have joined MYSUN to further grow their solar business and to reach out to a vast number of potential customers. It's advanced and trademark solar calculator MYSUNCalculator is already being run by hundreds of consumers every day across India.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)