Homegrown energy efficiency startup Smart Joules has raised $10 million (around Rs 90 crore) in its Series B funding round led by SVL SME Neev II Fund, which is managed by SBI Ventures Ltd, a subsidiary of the State Bank of India, along with participation from solar energy firm Waaree Renewable Technologies and Spectrum Impact, a family office investing in companies solving large scale societal problems.
Smart Joules said that the fresh capital will help it accelerate its next phase of growth across India’s commercial and industrial sectors and support expansion into new verticals and larger-scale projects, including manufacturing, building automation, and district cooling, while strengthening the company’s technology, analytics, and on-ground execution capabilities.
Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules’ portfolio includes JoulePays, an energy efficiency performance contracting solution; JouleCool, a Cooling-as-a-Service offering; and DeJoule, an AI-powered full-stack building management system.
Smart Joules said that these solutions help facilities cut energy waste, reduce costs, and eliminate carbon emissions without compromising comfort or reliability.
“Over the past decade, Smart Joules has built a team with deep expertise in cooling and automation, matured AI and IoT technology to intelligently automate India’s buildings and factories, and pioneered efficiency- and cooling-as-a-service business models to eliminate energy waste,” said Arjun P. Gupta, founder and chief executive officer, Smart Joules.
“By partnering with Spectrum, Waaree, and Neev II Fund, we aim to accelerate our vision to eliminate 29 million tonnes of COâ‚‚ emissions within this decade,” he added.
Smart Joules claims it has already conserved 32.1 crore kWh of energy, cut 2.4 lakh tonnes of COâ‚‚ emissions, and saved Rs 266 crore in energy costs, demonstrating that decarbonization can deliver both environmental and financial returns.
Prior to this, the company had raised $5 million in its Series A funding round from Raintree Family Office, Asian Development Bank's venture arm, early-stage venture fund Sangam Ventures, and capital advisory firm cKinetics Accelerator, among others.
