Solar solutions startup MYSUN raises ₹32 crore even as the industry is projected to see record losses

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Solar solutions startup MYSUN raises ₹32 crore even as the industry is projected to see record losses
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  • Solar solutions startup MYSUN has raised ₹32 crore and plans to raise a total of ₹250 crore.
  • The company also plans to expand to newer geographies, both in India and globally, including parts of the Middle East, Asia Pacific and Africa.
  • This fundraising comes at a time when the solar industry in India is crippled due to the coronavirus pandemic.
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In the middle of the coronavirus pandemic, solar solutions startup MYSUN has raised ₹32 crore and plans to raise a total of ₹250 crore.

MYSUN is an end-to-end solar solutions and services company, providing solar solutions and financing solutions to industry, SMEs and MSMEs in particular, and homes/residential customers.

“As the energy landscape, as well as the overall economic landscape, is changing rapidly due to the recent global events, we foresee higher and higher demand for independent solar energy systems across the B2B and B2C consumer segments around the globe over the next many years,” said Gagan Vermani, founder and CEO of MYSUN.

The company also plans to expand to newer geographies, both in India and globally, including parts of the Middle East, Asia Pacific and Africa. This fund raising comes at a time when the solar industry in India is crippled due to the coronavirus pandemic.

The solar industry is projected to see losses to the tune of ₹16,000 crore according to a report by CRISIL. “India sources ~80% of its solar modules from China, where trade has been impacted due to measures implemented to combat the spread of the virus,” said the report.

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Solar manufacturers in India have already halted operations due to the lack of operating parts as well the lockdown restricting the functioning of factories.

See Also:
Coronavirus crisis will affect India’s solar industry to the tune of ₹16,000 crore
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