Mysun raises Rs 32 crore from existing investors to fund expansion

Delhi-based rooftop solar energy platform Mysun on Wednesday said it has raised Rs 32 crore from existing investors in a structured equity deal as part of its pre-Series A round of funding.

The company is looking to raise Rs 250 crore over the next few quarters, it said in a statement.

The company plans to use the capital to further improve its technology infrastructure, scale up the service offerings, and expand to newer geographies, both in India and globally, including parts of Middle East, Asia Pacific and Africa, it said.

With this investment, MYSUN will also foray deeper into its in-house small and medium-sized enterprises (SME) financing solutions, catering to the unique solar financing needs of SMEs/ MSMEs and individuals making solar ownership a hassle-free experience, it added.

Gagan Vermani, Founder and CEO of the company said, Our focus continues to use technology as a backbone of our business and to unlock the huge underserved consumer segments like SMEs and homes.

As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, Vermani foresees higher and higher demand for independent solar energy systems across the business-to-business and business-to-consumer segments around the globe over the next many years.

Mysun is an end-to-end solar solutions and services company which provides tailor-made solar solutions and financing solutions to the industry, SMEs and MSMEs in particular, and homes/ residential customers.

Its proprietary demand generation and aggregation tools already make it the largest online solar platform in India, it claimed.