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Solar Ladder Raises Rs 11 Crore In Seed Funding from Axilor Ventures

The recently infused funds will be utilised to distribute software that automates processes for solar installers

Solar Ladder Raises Rs 11 Crore In Seed Funding from Axilor Ventures

Outlook Start-Up Desk

POSTED ON May 03, 2023 3:12 PM

Mumbai-based Solar Ladder, a supply chain platform for solar installation companies, today has raised Rs 11 crore in seed funding from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, Varun Alagh (Founder, Mamaearth), Subin Mitra and Aditya Bandi of Groyyo, Deepak Jain (Partner, Bain and Co.) and others. 
 
The recently infused funds will be utilised to distribute software that automates processes for solar installers, allowing them to expand their business tenfold and aims to become the go-to ecosystem for solar installation companies. Solar Ladder eyes to establish a robust marketplace that enables cheaper procurement provides short-term embedded credit and insurance products to meet installers' working capital requirements and offers long-term financing options for end customers of solar installers.
 
The company has claimed in a statement that its SaaS tool provides end-to-end, sales-to-project management to operations and maintenance resources to solar installation companies looking to grow their business. Its procurement layer assists with the acquisition of solar modules, inverters, structures, the balance of system, and other necessary materials. The financing layer offers both short-term and long-term loans, with short-term loans available for credit on platform purchases and long-term financing available for end customers, enabling solar installers to increase their sales. The company currently has more than 250 customers, including major players such as Mahindra Solarize and Fourth Partner Energy. 
 
Commenting on the funding, Manan Mehta, Co-Founder of Solar Ladder said, “India’s per capita electricity consumption is significantly lower than the global average, and rooftop solar energy is the most cost-effective means of generating electricity. By adopting rooftop solar energy India has a unique chance to decentralize its power supply and enhance the quality of life for all citizens. The key to seizing this opportunity lies with the solar installers who are striving to implement rooftop solar on a large scale. Solar Ladder aims to facilitate faster scaling for these installers by providing them with appropriate financial, procurement, and software tools.”

“We at Solar Ladder are committed to helping solar installers grow their business 10x. In the fiercely competitive domain of rooftop solar installation companies, Solar Ladder aspires to equip local installers in every city with state-of-the-art technologies and services to enhance their capabilities”, added Abhishek Pillai, Co-founder of Solar Ladder. 

“Solar Ladder is building a digital flywheel in one of the fastest growing sectors in the economy, globally. The India opportunity alone in residential and commercial solar installations is well above $50 billion. We are confident in the founding team to scale the company as a key enabler, bringing procurement transparency and credit availability in a highly fragmented and broken supply chain.”- Prachi Sinha, Axilor Ventures.
 

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