India’s SafEarth raises funds to expand solar marketplace

India-based online solar projects marketplace SafEarth announced it has raised INR 35 million (USD 427,000/EUR 391,000) in a financing round aimed at securing capital for product development initiatives and expanding its footprint across the country.

SafEarth has developed a platform that handles the entire solar project procurement and realisation process, from engineering to choosing the best vendor among pre-screened execution partners. It also offers a project management automation tool allowing project execution tracking and post-construction monitoring.

The fund-raiser was led by Anthill Ventures, Third Derivative and Mumbai Angels.

SafEarth claims to have gained a 6.67% market share in rooftop solar and 5% of India’s overall distributed solar market, having partnered locally with companies like Toyota Technopark, Everest Industries, Ather Energy and Mondelez.

The platform boasts more than 100 completed industrial solar projects and a deployed capacity of 171 MW. The company targets achieving over 1 GW of solar projects over the next two years.

(INR 100 = USD 1.219/EUR 1.116)

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