The Zynergy Group led by Rohit Rabindernath has received initial investments from UK based Kohli Ventures and projects to achieve a turnover of USD 500 million in five years. Zynergy will raise an additional USD 100 million more from other sources in the following three years. The first tranche of Kohli Ventures’ investment amounting to USD 5 million was received recently by Zynergy, an emerging solar products and process player based in Chennai and Singapore. The group, established in 2011, has evolved as a fully integrated entity offering solar product and process solutions across the sector’s value chain.
This is Kohli Ventures’ maiden investment in the Indian solar sector. The investment will boost Zynergy’s expansion globally, primarily through the establishment of a state-of-the-art manufacturing unit at Tirunelveli, Tamilnadu with technology from Singulus, Germany. Zynergy is already a known name in solar home lighting solutions, having completed the largest implementation by any company in India of over 50,000 rural homes.
Addressing media persons here along with Rohit Rabindernath, Tej Kohli, Chairman of Kohli Ventures said that the decision to get together with Zynergy was taken considering the growth potential of the sector and Zynergy’s position as an early product and process developer in the sector. The first mover advantage, coupled with Zynergy’s ability to positively impact rural communities in India and other developing countries, supported the decision in Zynergy’s favour.
“Following the recent Cop21 Agreement, it is clear that Zynergy is strategically well placed to take advantage of the tailwinds in favour of solar energy driven by the mass market penetration potential of its products and on-going developments. We are pleased to be a lead investor in Zynergy. We are investing in a company that recognizes that business can partner with social enterprise to benefit the masses,” said Kohli.
Zynergy’s focus since inception has been to conduct pioneering research and development in the sector, thereby securing design, development and delivery capabilities for solutions that span from the retail to industrial/utility scale, in addition to a wide range of product applications for rural communities.
“The output of our R&D efforts over the last two years has enabled us to create a strong manufacturing base for varied products in solar based applications for rural communities. This will be a differentiator in the global market. We will keep a strict tab on the quality, pricing, schedules and utility of our offerings. This investment was possible because of an appreciation of Zynergy’s capabilities to design, develop and deliver a wide range of products and processes for the tough and discerning international market”, said Rohit Rabindernath.
”It is extremely gratifying for us at Zynergy that in addition to directly impacting the quality of life of our rural citizens, our products have the demonstrated potential to create a community of micro entrepreneurs linked to them”, he said.