Smart Energy Solutions
In her budget speech in 2023 Union Finance Minister Nirmala Sitharaman mentioned the terms "green" and "sustainable" multiple times. She suggested that green growth could be revolutionary during ‘Amrit Kaal’. The primary aim of green growth strategies is to ensure that natural resources fulfill their maximum economic potential sustainably. Startups like Smart Joules are going to play a key role in this endeavour over the coming few years.
Smart Joules was founded in 2014 and is led by its Co-founder and CEO, Arjun Prem Chand Gupta. The leadership team also comprises Ujjal Majumdar (Co-founder & COO), Sidhartha Premchand Gupta (Co-founder), Karan Prem Chand Gupta (Director) and Ranganath Nuggehalli Krishna (Director).
The startup stands for climate action, using energy efficiency as a tool for combating climate change. The company is headquartered in Delhi.
Market Focus
Smart Joules specialises in HVAC (heating, ventilation and air conditioning) management systems, offering comprehensive solutions for existing buildings in the domains of both hardware and software. It focuses on reducing electricity consumption in buildings by optimising central air-conditioning plants based on outdoor weather changes and indoor occupancy patterns. The startup operates primarily in the B2B space, catering to the high tech, energy tech, real estate and construction tech and environment tech market segments. The latest valuation of the Delhi- based company is $16.7 million as of June 2022.
In a conversation with BW Businessworld Arjun Gupta says, “Long term recurring revenue models give much needed stability to startups. Revenue models that are based on sharing positive outcomes with beneficiaries will stand the test of time.”
Funding and Investors
Smart Joules has secured a total funding of $6.47 million over two rounds. In its Series A round on 17 March, 2021, the company raised $4.9 million, with ADB Ventures leading the investment. The investor landscape comprises 10 institutional investors, including Guardian Advisors, Intelleventures.com and ADB Ventures. Raintree is the largest institutional investor. The startup’s competitors include Sense, GridPoint and myenergi. As of June, 2022, post-round ownership reports indicate a diversified shareholding structure.
The Union Budget for the ongoing financial year included many programmes for green energy. The focus on green energy is expected to continue in the coming financial year and the energy market is optimistic of growth initiatives.
Smart Joules is driven by its commitment to sustainable energy solutions and following up on government policies. It aims for continued growth in the burgeoning market of HVAC management systems. With its technologies and a stellar leadership team, the company plays a crucial role in advancing energy efficiency for a more sustainable future.
