Recently launched solar marketplace MYSUN has received an initial funding of $ 2.5 million. This is the first round of funding after the company was founded by Gagan Vermani and two of his colleagues Divyanshu Sachdev and Gyan Prakash Tiwari in September, 2015 to focus on demand creation, technology, big data, analytics and standardization in the non-utility and rooftop solar sector in India. This is by far the largest funding received by a company in this new and innovative business segment which is directed towards impacting the rooftop solar industry.
Pursuant to this investment, Hemant Taneja, Managing Director at General Catalyst Partners, an American venture capital firm focused on early stage and growth investments, joins the board of MYSUN. In a recent research by CB Insights, Hemant was named as one of the top 100 venture capitalists in the world. He has lead several successful investments including Snapchat, Gusto, Stripe, etc. to name a few. MYSUN plans to utilize Hemant’s deep experience and leadership to drive its aggressive mission to solarize 10 million rooftops in India.
Speaking on the occasion, Hemant said, “The potential of off-grid and rooftop solar in India is immense, more so with the falling prices of solar. I am impressed by MYSUN’s unique and innovative approach to drive growth in this sector. With the enthusiastic and experienced team here, I am sure the company will make a huge impact in the solar sector.”
MYSUN platform aims to change the way solar is perceived, bought and sold in India. It makes it easy for consumers to understand and adopt solar with the help of high-end technology, data, financial products and an online marketplace that connects them to highly-rated pre-screened solar installers to deliver a high quality and best-priced solar system. These pre-screened sellers adhere to strict quality standards prescribed by MYSUN. Moreover, the benefits for consumers don’t stop there as MYSUN stays with the consumers even after the solar systems have been installed and supports them throughout their solar journey.
Commenting on the developments, Gagan Vermani, Founder & CEO, MYSUN said "We are pleased to announce our first funding of $2.5 million to back our vision. This will help us scale up faster and invest further into technology and infrastructure. We are also delighted to have Hemant Taneja on our board and look forward to gain from his wide experience in scaling up the business."
MYSUN has got immense interest and is seeing increasing momentum amongst the consumers and solar installers since its formal launch just a few weeks back. Moreover, there are a lot of stakeholders like developers, lenders, investors, consultants, architects, etc. who have joined MYSUN to further grow their solar business and to reach out to a vast number of potential customers. It’s advanced and trademark solar calculator MYSUNCalculator is already being run by hundreds of consumers every day across India.