Ellipsol Secures INR 2.5 Crore Funding to Boost Its Solar Tech Solutions
Solar energy solutions startup Ellipsol has made headlines by securing $300,668 (INR 2.5 crore) in a seed funding round led by early-stage venture capital firm Capital A.
As per the startup, the freshly raised funds will be used to take the prototype to the production level. The startup plans to use the funds for some of the pilot projects in the initial stages. It will also focus on expanding capacities.
Anicut Capital’s Grand Anicut Fund, along with other undisclosed investors, also participated in the funding round.
Ellipsol | Solar Energy Solutions Startup
Founded by Kaustubh Tyagi and Samarth Jain, Ellipsol is a solar energy solutions startup focused on providing clean and green energy.
Providing solar energy solutions at an affordable price by leveraging its proprietary technology, Ellipsol’s patented solutions enable users to harness more energy from the installed solar panels. This ensures precise control over the amount of solar radiation falling on them. Also, the startup claims to offer 2x energy from its solar panels at only 10% cost.
Speaking about the development, Samarth Jain, Co-founder and chief executive officer at Ellipsol, said,
“At Ellipsol, we aim to bridge this gap and make renewable energy available at will. Our patented technology will help harness 100% more energy from the solar panels installed in your premises.”
Statement from the Investor
Commenting on the development, Ankit Kedia, founder and lead investor of Capital A, stated that the combination of hardware and technology is supremely critical to harnessing the power of the sun in a scientific manner.
Highlighting Capital A’s commitment to helping startups develop cleantech solutions, Kedia said,
“At Capital-A, we are committed to enabling startups to develop cleantech solutions utilizing renewable energy. Our purpose is to strengthen the climate tech ecosystem in India through these strategic deep tech investments.”
Over the years, there has been an increase in green energy solutions. In April 2023, Ossus Biorenewables, a Bengaluru-based green energy startup, raised $ 2.4 million in a pre-Series A round to scale up the manufacturing of its bioreactors, product development, and geographical expansion. Earlier in March, solartech platform Aerem raised $5 million (Rs 41 crore) in a pre-Series A round to expand its suite of solartech and financing solutions.
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