Funds to be used for expansion
Pune-based Sunshot Technologies Pvt. Ltd., an onsite rooftop solar power solutions provider for commercial and industrial entities, is planning to raise $8 million to fund its expansion plans, a top official said.
“We are on the verge of raising funds to primarily build IP technology and comprehensive solutions in energy distribution space,” said Rahul Dasari, co-founder and CEO, Sunshot. “Currently, we provide our services to industrial and commercial consumers. Later, we might serve engineering, procurement and construction (EPC) consumers in residential market.”
According to Mr. Dasari, the funds would be used for building rooftop structures, creating a cloud-based IoT platform for energy management, building energy solutions and storage and applying for patents.
In the last two years, it had completed 25 MW of rooftop solar installations in 135 locations, including railway stations, resorts, shopping malls, IT offices, automobile firms, warehouses, cold storage godowns and milk processing units among others.
“Our vision is to reach 250 MW of rooftop solar installations by 2020,” he said. “Right now, we have orders for 7MW and another 15 MW of orders are in pipeline.”This includes installation for Bangalore International Airport and Mumbai Airport of nearly 5 MW,” he said.
Mentioning that 60% of the orders came from repeat customers, he said they would be touching ₹100 crore in revenue very soon.