PE-VC Fund Investments
Energy efficiency startup Smart Joules raises $10-M led by SBI Ventures
New Delhi-headquartered energy efficiency startup Smart Joules has raised USD 10 million (about INR 90 Crore) in a Series B funding round led by SBI Ventures’s SVL SME Neev II Fund, with participation from solar energy company Waaree and Spectrum Impact, a family office investor.Founded in 2014 by Arjun Gupta, Sidhartha Gupta, and Ujjal Majumdar, Smart Joules provides energy efficiency solutions for large buildings and factories. It offers solutions such as DeJoule, an AI-powered building-management system, JoulePAYS, a "Pay-as-you-save" offering for retrofitting existing systems, and JouleCOOL, a "Cooling-as-a-Service" solution. Its client base includes Apollo Hospitals, ITC, Blackstone, and Le Meridien.The company plans to use the new funds to expand its energy efficiency and cooling operations into new sectors, including manufacturing, building automation, and district cooling. It also intends to strengthen its technology, analytics, and on-ground execution capabilities. The startup currently operates in the healthcare and hospitality sectors.
Between Aug 2020 and Feb 2024, Smart Joules had attracted about USD 17 M from ADB, Max Ventures, Raintree Ventures, Sangam Ventures, Burman Family Office, IFU and others.For FY25, Smart Joules had reported about INR 67.02 Cr in Operating Income and about INR 4.68 Cr in Net Loss.
Want to receive such news items in your inbox? Click Here to sign up for a trial.
