Ahmedabad, April 5

Ahmedabad-based solar EPC player Prozeal Infra Engineering Pvt Ltd on Tuesday announced raising $4 million (approximately ₹32.5 crore) in its first round of funding, led by noted businessman Chandrakant Gogri’s family office arm Alchemie Ventures.

The investment is for a minority stake at an undisclosed valuation, an official statement said.

The funds will be used to scale operations and execute developer-model projects for energy and utility companies.

Singapore-based Incorp Advisory was the exclusive investment banker for the transaction, which represents the largest Series-A fundraising transaction in India’s Solar EPC space in over two years, the statement added.

Founded by two Ahmedabad-based co-founders, Prozeal Infra Engineering has an order book worth ₹1,000 crore (approximately $120 million) that the company intends to fulfill over the next 12 months. In fiscal 2024-25, the company expects to exceed revenues of ₹1,500 crore (approximately $187.5 million).

Chandrakant Gogri, the Founder & Chairman Emeritus of Aarti Group of Industries, said, “Solar energy and decarbonization are the backbones of India’s climate change commitment. Prozeal Infra, through its engineering capabilities, is well positioned to capture a lion’s share of this energy transformation.”

Manan Thakkar, Co-founder at Prozeal, said, “This investment is a testament to our vision and commitment to creating a sustainable future for India’s growing energy demands.”

Shobit Rai, Co-founder at Prozeal Infra, said, “Gogri has a proven track record of building fast-growing and profitable businesses - creating immense value for shareholders.”

Highlighting India’s climate change commitment of meeting 50 per cent of its energy requirements through renewable sources by 2030, Prozeal Infra looks to be a decarbonization and net-zero solutions company for commercial and industrial MNCs, MSMEs and Government institutions supporting India’s sustainable energy goals.

Also read: India holds the key to hitting global climate change targets

Inderpreet Chadha, Head of Investment Banking at InCorp Advisory, said, “This investment catapults Prozeal Infra towards becoming one of India’s largest players in this space. We proved that commercially prudent businesses with a commitment to creating long-term customer value are not affected by the so-called ‘funding winter’.”

Started in 2013 with a focus on commercial and industrial segments, and also catering to the utility segment, Prozeal has an installed capacity of 1 GW across multiple projects.