India's building control and energy efficiency market is estimated to touch USD 2 billion a year with a compound annual growth rate (CAGR) of 12 per cent over the next three years, according to buildings technology start-up 75F.
The US-based building intelligence solutions provider is opening office in Delhi soon, its fourth office in India. Currently, the firm has an engineering, product development and sales hub in Bengaluru, as well as sales and support services offices in Chennai and Mumbai.
"We are well established in India and now expanding into the Southeast Asian and Chinese markets," 75F India Country President Gaurav Burman said on Sunday after signing a distribution agreement with Singapore Power for the markets. The agreement was signed on December 6.
Burman estimated the combined business potential of USD 2 billion a year from Southeast Asian and Chinese markets with a CAGR of 10 per cent.
"Having succeeded in both the US and India, we are now expanding from Singapore into regional markets," said Burman.
"75F launched its operations in India in August 2016, and has been growing steadily, acquiring several customers ever since," he said.
The business growth potential has helped the start-up raise USD 18 million from the US-based Breakthrough Energy Ventures, which is backed by Bill Gates, said 75F Chief Executive Officer and founder Deepinder Singh.
Climate Initiatives, a USD 1.3-billion UK-based fund backed by the world's 13 largest oil companies, co-led series A funding in 75F with support from Building Ventures, a fund by the world's leading mechanical contractors, said Singh who closed the fund in September 2019.
Elaborating on 75F technology founded in 2012, Singh said it is an intelligent building solution that utilises the internet of things and the latest in cloud computing to create systems that predict, monitor and manage the heating, ventilation and air-conditioning (HVAC) needs of commercial buildings.
With 25 years of experience in electronics and computing, Singh founded 75F in 2012 after he designed some of the world's fastest core networks for Tier-I service providers such as AT&T, NTT and Verizon.
(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)