ZunRoof, a rooftop solar startup, has raised INR 25 crore (~USD 2.85 million) in its latest funding round led by ANBG Enterprise LLP, the Godrej Family Office, with participation from angel investors John Diaz and S Sunil Edwards. This is the second time in a few months that Godrej has invested in ZunRoof, having already held a majority stake of over 70% in the Gurugram-based clean energy player.
Godrej’s Consistent Backing
The latest investment comes just months after ZunRoof’s INR 20 crore (USD 2.3 million) raise in December 2024, also led by Godrej Family Office, with angel investor Ravindernath Chadha joining the round. In that tranche, the company issued 75,960 equity shares at INR 2,638 per share, taking Godrej’s stake beyond a majority.
This latest round saw the allotment of 47,986 equity shares at INR 5,239 per share, a significant increase in valuation in just nine months. Together, the two rounds show Godrej’s growing interest in building a renewable energy footprint and strengthening its portfolio in the green technology space.
With this latest funding, ZunRoof has raised USD 15 million (~INR 132.41 crore), making it one of India’s most funded residential solar startups.
Pioneer in Rooftop Solar and Smart Homes
Founded in 2016 by IIT Kharagpur alumni Pranesh Chaudhary and Sushant Sachan, ZunRoof has been designing, installing and financing rooftop solar solutions. Its use of AI and VR makes it more efficient and customer friendly, and since 2020, it has expanded into IoT enabled smart home products.
ZunRoof is unique at the intersection of clean energy and home automation.
Financials
Despite its technology edge, ZunRoof’s financials are mixed. For the fiscal year ending March 2024, the company’s operating revenue was down 11.46% at INR 26.43 crore. But losses fell 51.7% to INR 14.24 crore, indicating cost control and operational efficiency. Analysts say while the company is not yet profitable at scale, it has managed to reduce burn while getting growth capital.
Competition in Residential Solar
ZunRoof operates in a crowded space. Rival SolarSquare raised USD 40 million (~INR 353 crore) in 2024, Glo (Glow) got USD 30 million (~INR 265 crore), the solar installation business is capital intensive. Other players include Cleantech, Mysun, Oorjan and Freyr Energy.
Despite the competition, Godrej’s backing gives ZunRoof a brand, financial runway and potential synergies with other Godrej sustainability and consumer businesses.
Final Words
With India pushing hard on its renewable energy goals, rooftop solar will be a key player in decentralized power generation. ZunRoof’s latest fundraise not only strengthens its balance sheet but also investor confidence in its long term story.
As Godrej continues to double down on its stake, ZunRoof is expected to accelerate market expansion, deepen its smart home integrations, and potentially pursue partnerships or acquisitions to strengthen its competitive edge.
For now, the fresh INR 25 crore marks a decisive step forward in ZunRoof’s journey from a niche solar installer to a comprehensive clean energy and smart home solutions company backed by one of India’s most trusted conglomerates.
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