Renewable energy platform SafEarth raises Rs 3.5 crore in funding led by Anthill Ventures, ET EnergyWorld

SafEarth, a technology platform for the adoption of renewable energy, on Wednesday, said it has raised Rs 3.5 crore in a funding round led by Anthill Ventures. Third Derivative and Mumbai Angels were the other investors.

The latest capital infusion will help fuel SafEarth’s product development initiatives and support its expansion into new industrial belts across India, the company said. SafEarth helps industries reduce their carbon emissions by shifting from thermal power to solar energy at scale.

SafEarth, which has over 100 completed industrial solar projects and a deployed capacity of 171 megawatt, said it has saved 300,000 tonnes of carbon emissions. Its platform has generated business over Rs 800 crore for solar installers, the company said in a statement. Its clients include the likes of Toyota Technopark, Everest Industries, Ather Energy and Mondelez India.

SafEarth’s marketplace streamlines the clean energy procurement process for industries, enabling them to reduce time and cost. Its project management automation tool, Solar Flow, helps with efficient implementation, quality assurance, electricity consumption monitoring, among other applications.

“Through our advanced tech stack and comprehensive suite of products, SafEarth is driving the transition to sustainable energy sources and helping industries reduce their carbon emissions at scale,” co-founder Harshit Poddar said in a statement.

SafEarth has a market share of 6.67% in the commercial and industrial (C&I) rooftop solar space and 5% in India’s overall distributed solar market, the statement said. Its mid-term goal is to facilitate the reduction of one million tonnes of annual carbon emissions through over 1 gigawatt of solar projects in the next two years, it added.

“We are delighted to congratulate SafEarth on their exceptional journey and to witness their tremendous growth and impact. SafEarth’s selection as our first cohort of Gruhas ASPIRE program underscores the significance of our accelerator program in nurturing and supporting ground breaking startups,” Sailesh Sigatapu, partner, Anthill Ventures, said.

Gruhas ASPIRE is a property-tech focussed accelerator led by Gruhas Fund.

  • Published On Jun 22, 2023 at 11:31 AM IST

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