Online marketplace for energy & environment products Glowship raises funding from Infuse Ventures
Glowship.com, an online marketplace platform for energy and environment related products, solutions & services, which is run by Bangalore-based Energystar Pvt Ltd, has raised an undisclosed amount from Infuse Ventures, an early-stage investment firm associated with IIM Ahmedabad's tech incubator CIIE (Centre for Innovation Incubation and Entrepreneurship), the company said on Monday.
Besides Infuse ventures, a few unnamed professionals in the clean energy sector, also participated in the round.
The company will use the funding to expand its team, build the technology platform and expand to other geographies.
Glowship was launched in 2015 by Srinivas Potukuchi, an alumnus of IIT Madras and Stanford Graduate School of Business. The company partners directly with manufacturers or their authorised sellers to provide energy and environment related products, solutions and services.
"A residential homeowner has multiple needs ranging from heating, pumping, back-up power, home automation, energy management and potentially even energy generation, given the falling costs of solar energy. While there is a plethora of options available, there is friction in the current buying experience given the lack of standardised advice or information and assurance in the purchase process," said Potukuchi.
"Glowship seeks to address the friction by offering consumers the convenience of a single platform with a wide range of reliable offerings, enabling consumers to make a purchase most suited to their requirements and providing an end-to-end service in partnership with manufacturers or their authorised resellers and through its proprietary asset management platform that will be launched soon," he added.
Infuse Ventures supports seed- and early-stage enterprises across renewable energy, resource efficiency, waste, water and other sustainability-related areas.
In June, it invested an undisclosed amount in Delhi-based e-waste management startup Karma Recycling Pvt Ltd.