Prozeal Infra Engineering, a solar engineering, procurement, and construction (EPC) company, raised $4 million in Series A funding from Alchemie Ventures.
The company plans to use the fresh funds to scale its operations and execute developer-model projects for energy and utility companies across India.
Prozeal Infra, founded by Manan Thakkar and Shobit Rai, offers engineering and construction solutions for utility-scale solar projects in India. The company has an order book worth over $120 million and expects 2024-25 revenue to exceed $187.5 million.
The company has over 1000 MW of installed and commissioned solar projects across 18 states in India and is expanding in Dubai, Thailand, and Saudi Arabia.
Commenting on the investment, Chandrakant Gogri, Founder and Chairman Emeritus of Aarti Group of Industries, said, “Solar energy and decarbonization are the backbones of India’s climate change commitment. Prozeal Infra, through its engineering capabilities, is well positioned to capture the lion’s share of this energy transformation.” He added that he was impressed with the company’s performance and the potential of its engineering expertise in the renewable energy space.”
According to Mercom Annual and Q4 2022 Solar Funding and M&A report, total corporate funding worldwide in the solar sector, including venture capital and private equity (VC), debt financing, and public market financing, came to $24.1 billion in 2022, a decline of 13% compared to the $27.8 billion raised in 2021.
Aerem, an Indian solar financing startup, has secured $5 million (~₹413 million) in a pre-Series A funding round to help finance its upcoming product offerings. The investment was led by Avaana Capital, a climate-technology investor, and also included participation from Blume Ventures. The funding round involved $1.5 million (~₹123.92 million) in debt financing from financial institutions.