Solar Ladder, a supply chain platform for Solar Installation companies today announced it has raised Rs 11 crore in seed funding from Axilor Ventures, Titan Capital, DeVC, Stride Ventures, and angels from Atha Group, NIPHA group, and others.
The recently acquired funds will be utilised to distribute software that automates processes for solar installers, allowing them to expand their business tenfold and aims to become the go-to ecosystem for solar installation companies.
Solar Ladder aims to establish a robust marketplace that enables cheaper procurement, provides short-term embedded credit and insurance products to meet installers’ working capital requirements, and offers long-term financing options for end customers of solar installers.
Its suite of services includes SaaS, procurement, financing, and other value-added services. The Solar Ladder SaaS tool provides end-to-end, sales-to-project management to operations and maintenance resources to solar installation companies looking to grow their business, while its procurement layer assists with the acquisition of solar modules, inverters, structures, the balance of system, and other necessary materials.
The financing layer offers both short-term and long-term loans, with short-term loans available for credit on platform purchases and long-term financing available for end customers, enabling solar installers to increase their sales. The company currently has over 250+ customers, including major players such as Mahindra Solarize and Fourth Partner Energy.
India’s solar rooftop market has experienced a consistent upward trend in recent years, largely thanks to government initiatives and a growing understanding of the advantages of renewable energy. According to recent reports, India’s potential for rooftop solar is estimated at 200 GW.
In FY22, the country added 1.7 gigawatts (GW) of rooftop solar capacity, the highest ever in a fiscal, such installations were up 136 percent compared to 719 MW in FY20. In the first quarter of FY23, 456 MW of rooftop solar capacity was added, the second-highest for a quarter.
Commenting on the funding, Manan Mehta, Co-founder, Solar Ladder said, “India’s per capita electricity consumption is significantly lower than the global average, and rooftop solar energy is the most cost-effective means of generating electricity. By adopting rooftop solar energy India has a unique chance to decentralize its power supply and enhance the quality of life for all citizens.”
He added, “The key to seizing this opportunity lies with the solar installers who are striving to implement rooftop solar on a large scale. Solar Ladder aims to facilitate faster scaling for these installers by providing them with appropriate financial, procurement, and software tools.”
“We at Solar Ladder are committed to helping solar installers grow their business 10x. In the fiercely competitive domain of rooftop solar installation companies, Solar Ladder aspires to equip local installers in every city with state-of-the-art technologies and services to enhance their capabilities,” added Abhishek Pillai, Co-founder, Solar Ladder.
