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Indian energy provider Smart Joules secures $10m series B
Smart Joules, an India-based provider of energy efficiency solutions, has raised US$10 million in a series B round led by SVL SME Negev II Fund, which is managed by SBI Ventures, a subsidiary of the State Bank of India, along with Waaree Renewable and Spectrum Impact.
The company will use the funds to expand its energy efficiency and cooling operations into new sectors and large-scale projects, such as manufacturing, building automation, and district cooling, and to strengthen its technology, analytics, and on-ground execution capabilities.
Founded in 2014, Smart Joules offers solutions including JoulePays (energy efficiency performance contracts), JouleCool (cooling-as-a-service), and DeJoule (an AI-powered building management system) to help facilities cut energy waste, lower costs, and eliminate carbon emissions.
Viren Doshi, executive director at Waaree Renewable, said the investment reflects Waaree’s commitment to energy transition, backing climate-tech innovation, and supporting sustainable solutions in India and other markets.
🔗 Source: YourStory
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Smart Joules’ US$10m round lands amid thin public data on scale
- Smart Joules had raised over US$16.99 million with 223 employees before this round 1. With the US$10 million Series B 2, disclosed funding is at least US$26.99 million. There is no public revenue, Annual Recurring Revenue (ARR) or verified energy-savings metrics.
- The site gets 5.36K visits a month 1, which raises questions on customer acquisition as it targets manufacturing, building automation, plus district cooling 2. Profitability and sites under management are not disclosed. District cooling means centralized systems that supply chilled water to many buildings, and projects often need large upfront spend before recurring revenue.
Heating, Ventilation, and Air Conditioning (HVAC) original equipment manufacturers (OEMs), Internet of Things (IoT) vendors, and facilities management integrators can pursue India’s 33 live district cooling tenders
- India has 33 active district cooling tenders 3. Scopes include 2000 ton of refrigeration (TR) HVAC chillers with 150 horsepower (HP) variable refrigerant volume (VRV) systems. Some call for 10,000 TR plant upgrades. Others seek five-year operations in special economic zones such as GIFT City (Gujarat International Finance Tec-City) 34.
- Vendors in building management systems, AI energy analytics, or IoT sensors can bid as subcontractors or partners. Annual maintenance deals suit monitoring like Smart Joules’ DeJoule platform 2. Green financiers and energy-as-a-service platforms can craft performance contracts. In this model, the provider owns the equipment and charges for delivered outcomes. These cut upfront cost for owners and set up recurring revenue from energy savings guarantees.
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