ZunRoof, an Indian solar rooftop startup, has raised an amount of Rs 16.6 million in second round of angel funding from the I3N (intellecap impact investment network). The funding was led by representatives from Asian Development Bank L’Oreal (UK & Ireland), Paipal Ventures, Dalberg Advisors and a group of IIT Kharagpur alumni based out of the U.S.
According to ZunRoof, the company’s sales run rate is approximately Rs 411.6 million and the funds raised in this round will be deployed to triple the sales in a 12 month time frame. In addition, a part of funds will be used to bolster and scale up the technology, specially the IOT-based sense and monitoring devices developed by the company. ZunRoof has solar rooftop apps which claim to reduce the 3-4 month process of setting up a rooftop system.
ZunRoof’s first round of angel funding had been raised in December 2016 from executives of Facebook, Morgan Stanley, and FICO in the U.S.