Solar marketplace MYSUN gets $2.5 mn from General Catalyst Partners
Delhi-based solar marketplace MYSUN, run by Eastern Light and Power Pvt. Ltd, has raised $2.5 million (Rs 16.63 crore) from General Catalyst Partners, a US-based venture capital firm focused on early stage and growth investments, it said in a statement.
Hemant Taneja, managing director at General Catalyst Partners, has joined the board of MYSUN. Taneja is also co-founder and chairman of Advanced Energy Economy and board member of Khan Academy.
MYSUN was founded by Gagan Vermani, Divyanshu Sachdev and Gyan Prakash Tiwari in September 2015.
"This will help us scale up faster and invest in technology and infrastructure. We are delighted to have Hemant Taneja on our board and look forward to gain from his experience in scaling up the business," said Vermani.
MYSUN focuses on demand creation, technology, Big Data, analytics and standardisation in the non-utility and rooftop solar sector in India.
In the clean-tech segment, Mumbai-based Think Sustainable Lab Pvt. Ltd, which runs clean-tech company Thinkphi, raised an undisclosed amount in angel funding from serial entrepreneur Nimmagadda Prasad last month.
In May, Chennai-based startup SolarTown Energy Solutions Pvt. Ltd raised funding through GREX, an exchange-like platform that connects startups and investors.
In February, igrenEnergi Inc, a US-headquartered startup incubated at IIT Bombay, raised fresh funding to launch a product that it claims will improve the efficiency of solar energy panels.
Last year, Hyderabad-based distributed solar power firm Fourth Partner Energy Pvt. Ltd raised close to $2 million (Rs 12.8 crore) in Series A round of funding.
Ahmedabad-based Gosolar Ventures Pvt. Ltd, which runs online solar products and services marketplace ezysolare.com, also raised an undisclosed amount in seed funding from Infuse Ventures last year.