Exclusive: Godrej increases stake in Zunroof with fresh investment

Rooftop solar startup Zunroof has raised Rs 20 crore (approximately $2.3 million) from ANBG Enterprise LLP (Godrej Family Office) and with a small contribution from Ravindernath Chadha.

The board at Zunroof has passed a resolution to allot 75,960 equity shares at an issue price of Rs 2,638 each to raise Rs 20 crore, its regulatory filing sourced from the Registrar of Companies shows.

The six-year-old firm specializes in the design, installation, and financing of rooftop solar solutions. It claims to use artificial intelligence to improve the efficiency of solar rooftop systems. Since 2020, it has also ventured into the 'smart home' segment, offering a range of IoT-enabled products for homes.

Zunroof has raised approximately $9 million to date, with significant backing from Godrej. According to startup data intelligence platform TheKredible, Godrej held a 51% stake in the company before the latest funding round.

Zunroof also disclosed its FY24 numbers recently and the Gurugram-based firm showed significant improvement in bottom line as it narrowed losses by 51.7%. However, the company’s operating scale declined 11.46% to Rs 29.84 crore for the fiscal year ending March 2024.

Zunroof competes with SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. Despite limited funding for solar startups in recent years, the sector has seen renewed interest with notable investments, including $40 million for SolarSquare, $30 million for Glow, and $8 million for InSolare.