Smart Joules, an energy efficiency startup, has raised $10 million in its Series B funding round. The round was led by Neev II Fund, which is managed by SBI Ventures Limited. Other investors, including Waaree Renewable Technologies and Spectrum Impact, also joined the round.
The company said it will use the new funds to expand its energy-saving and cooling services into bigger industries and new areas like manufacturing, building automation, and district cooling. It also plans to upgrade its technology, data analytics, and on-ground execution.
Before this round, the startup had raised about $17 million from investors such as the Asian Development Bank (ADB), Sangam Ventures, Raintree Family Office, CKinetics Accelerator, and others.
Founder and CEO Arjun P Gupta said the company has built strong skills in cooling and automation, and has created AI and IoT systems to automate buildings and factories. “The funding partners will support progress towards the company’s vision to eliminate 29 million tonnes of CO₂ emissions within the decade,” he said.
Prem Prabhakar, MD and CEO of SBI Ventures Ltd., said the investment fits their strategy of backing companies that create both economic and environmental value. Akshay Panth, CIO of Neev Funds, said energy efficiency will play a key role in sustainable growth.
Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules follows an “efficiency-first” model, helping businesses reduce their energy use without requiring any upfront investment from them.
Smart Joules offers three main products: JoulePays, which provides energy savings based on performance; JouleCool, which offers cooling-as-a-service; and DeJoule, an AI-based system that helps manage buildings more efficiently.
The company says it has already saved 32.1 crore kWh of energy, reduced 2.4 lakh tonnes of CO₂ emissions, and helped businesses save Rs 266 crore. Smart Joules aims to cut 29 million tonnes of carbon emissions by 2030.
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