Zolt Energy, a Gurgaon-based startup which distributes and provides installation of rooftop solar products, has raised its seed funding round from seven angel investors.
The raised capital in this round will be used by the startup to spread awareness, reach a wider customer base and strengthen their logistics, monitoring and service offerings.
The company was launched in early 2014 and has remained in stealth mode until Oct 2015 while it built the market canvas, understood customer dynamics and refined the product & service offerings.
Currently, the startup has a team of 10 members, led by the founders Abhishek Dabas and Harsha Yadav. The venture is nested in a co-working hub of 91springboard, which also advised them in the fundraising process.
Zolt Energy had also received grants from Department of Science & Technology via JSSATE to boost its innovative work towards creating India’s first Solar Social Network.
It plans to further expand to other states, including Chandigarh, Maharashtra & Karnataka sensing the latent consumer demand, tariffs and government initiatives.
As of the competition, Tata Power Solar and Su-kam can be counted as competitors if a person is purchasing upfront, but Zolt’s prices are 20 percent lower, primarily because Zolt owns its sales and service channels.
Earlier, Abhishek Dabas had said that they plan to install solar power plants on 500 rooftops by the end of 2016. This translates to about 2MW of solar assets costing around Rs 12 crore which while generate 30lakh units of clean energy every year.