Sunroof Solar Startup Zunroof Bags $2.3 Mn from Godrej Family’s ANBG Enterprise LLP

Manvendra HadaDecember 19, 2024

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Three points you will get to know in this article:

Zunroof, a rooftop solar startup, has raised Rs 20 Cr (approx. $2.3 Mn) from ANBG Enterprise LLP (Godrej Family Office),
Startup also secured a small commitment from Ravindernath Chadha.
It’s board of directors has approved 75,960 equity shares at an issue price of Rs 2,638 apiece.

Zunroof Secures New Funding, Godrej Increases it’s Stake In The Startup

Zunroof, a rooftop solar startup, has raised Rs 20 crore (roughly $2.3 million) from ANBG Enterprise LLP (Godrej Family Office), plus a little commitment from Ravindernath Chadha.

The six-year-old company specializes in designing, installing, and financing rooftop solar solutions. It claims to employ artificial intelligence to increase the efficiency of solar rooftop systems. Since 2020, it has expanded into the’smart home’ category, selling a variety of IoT-enabled home devices.

Zunroof’s board of directors has approved the issuance of 75,960 equity shares at an issue price of Rs 2,638 apiece in order to raise Rs 20 crore, according to a regulatory filing with the Registrar of Companies.

Zunroof’s Total Funding, Godrej’s Stake in Zunroof

Zunroof has raised around $9 million to date, with strong backing from Godrej. According to startup data analytics platform TheKredible, Godrej owned a 51% share in the company before to the most recent funding round.

Zunroof’s Losses, Revenue, Sales, Zunroof’s Competitors

Zunroof recently released its FY24 results, and the Gurugram-based company demonstrated considerable improvement in the bottom line, cutting losses by 51.7%. However, the company’s operational scale fell 11.46% to Rs 29.84 crore in the fiscal year ended March 2024.

Zunroof competes against SolarSquare, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. Despite minimal funding for solar businesses in previous years, there has been increasing interest in the field, with major investments including $40 million for SolarSquare, $30 million for Glow, and $8 million for InSolare.