Summarize with:
Bengaluru: EdgeGrid has announced the closure of its Seed round of financing. The USD 6 million round was led by Lightrock India, along with participation from Theia Ventures and other angel investors.
EdgeGrid was founded in 2020 by Sunil Talla and Prasad Yerneni, second-time entrepreneurs in the energy space in India. Sunil was later joined by co-founders Mushtaq Ahmed, Neeraj Sansanwal and Vamsi TP.
EdgeGrid is building a fully-integrated technology platform to enable the energy transition for last-mile customers, namely household, small businesses, commercial building owners and electric vehicle charging networks. Its platform enables last-mile customers to consume energy efficiently and generate energy locally. Further, it works closely with energy distribution companies and distributed energy generators to reduce their costs and expand renewable energy penetration for the entire ecosystem.
Sunil Talla, Founder and CEO, EdgeGrid said “Having been in the energy space, it has become apparent that a shift in the way we produce and consume energy is essential. We believe that a consumer-centric-model instead of a centralized-model is the only viable solution to make this energy transition more sustainable and profitable. To have a material impact, you need to be willing to go where the emissions and losses are and hence focus on the last mile. We are excited to have Lightrock as our partner, with their immense global experience backing businesses in cleantech.”
India’s energy sector is at a crossroads as it ambitiously targets transitioning towards net zero without compromising the long-term sustainability of its grid. To achieve this transition, India will have to reimagine the way it generates, distributes and consumes electricity at both the grid and local level. Further, this transition must be financially viable for its incumbent utility companies that are currently facing over $60 billion in accumulated losses – a majority of which come from serving last-mile customers.
Ashish Garg, Principal at Lightrock India said, “We are extremely excited to partner with EdgeGrid as they build the integrated energy distribution platform of the future. Sunil has built a world-class team which is capable of solving the highly complex and large energy distribution challenge through a technology and consumer-first approach with innovative system design and strong execution. EdgeGrid’s impact will be pivotal to expand renewable energy penetration in India”.
Summarize with:
