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Armed with a fresh round of funding, MYSUN, a rooftop solar energy solutions provider plans to enter new markets.
MYSUN which providers solar solutions through its platform such as financing, recently raised ₹32 crore from existing investors in a structured equity deal as a part of its Pre-Series A round. The company did not disclose details of the existing investor.
With this funding, the company plans to use the capital to improve its technology infrastructure further, scale up the service offerings, and expand to newer geographies, both in India and globally, "We are looking at parts of Middle East, the Asia Pacific and Africa. With this investment, MYSUN will also foray deeper into its in-house SME financing solutions, catering to the solar financing needs of SMEs/ MSMEs," said Gagan Vermani, Founder and CEO of MYSUN.
Access to finance is one of the areas which is hampering the growth of the renewables industry in India, even as the government has provided subsidies for solar projects for industry, SMEs/MSMEs and homes. MYSUN is providing technology which includes AI-based tools, a mobile app for on-site surveying and shadow analysis for accurate energy forecasting. It also provides IoT tools for energy monitoring purposes.
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