Bengaluru-based rooftop solar systems provider, Orb Energy is looking to raise around Rs 220 crore in Series C funding round to fuel its next phase of growth and expand operations in Madhya Pradesh and Maharashtra.
The company has so far raised $13 million in equity and $10 million debt in Series A and Series B rounds. "We are now looking to raise Rs 70 crore in equity funding and Rs 150 crore in debt funding from both existing and new investors. Our plan is to raise fresh funds by June this year to take care of our growth plans for the next couple of years," Damian Miller, Chief Executive Officer, Orb Energy told DH.
As part of its Series A and B, Orb Energy has raised funds from FMO, the Dutch development bank, Bamboo Capital Partners, Rianta Capital, which has presence in Zurich and London, Acumen Fund, a non-profit social venture fund, Shell Foundation, and Pamiga Finance, a Luxembourg-based impact investment vehicle.
With estimated revenue of Rs 130 crore in 2018-19, Orb Energy is aiming at over 50% growth to touch Rs 200 crore in 2019-20, Miller said.
Orb manufactures its own solar panels and provides integrated solutions for rooftop solar electricity generation systems, largely to SMEs. Since its inception in 2006, Orb has sold more than 160,000 solar systems in India with cumulative installations of 65 MW of rooftop solar systems. It imports solar cells from Taiwan and assembles them into solar PV panels at its factory in Yashwantpur. In FY2019, it sold 29 MW of rooftop solar systems, a growth 93% year-on-year, Damian said.
During the current fiscal, Orb is aiming at a sale of 50 MW of rooftop solar systems. The higher growth, it expects, will come from expansion in Maharashtra and Madhya Pradesh. Currently, it operates in Karnataka, Andhra Pradesh, Tamil Nadu and parts of Maharashtra. It has also provided rooftop solar systems to around 1.5 lakh residential units.
The company is currently in the process of completing its single biggest rooftop solar system with a cumulative 7.63 MW generation capacity at Klene Paks facility at Maddur.
Orb also offers a collateral-free solar loan that matches their payback period, after which power from solar is effectively free. It has so far provided Rs 50 crore funding assistance to SMEs and looking for a similar amount in FY20, Damian added.