Infuse Ventures, Intellecap Impact Investment Network invest Rs 3 crore in solar startup Surya Power

Thursday, June 19, 2014

MUMBAI: Intellecap Impact Investment Network (I3N) andInfuse Ventures have invested $500,000, or Rs 3 crore, in Coimbatore-based solar-agriculture startup Surya PowerMagic.

I3N, which is an angel network investing in social enterprises, saw members including solar panel manufacturer Waaree Group and family office Kshatriya Ventures participate in the deal. Infuse Ventures is a Rs 110 crore fund promoted by IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) and focusing on the clean tech sector.

“Angel investors have typically found clean energy as a difficult sector for investment because of the perception of high initial costs, complicated technology, or regulatory issues,” said I3N Head Aditi Shrivastava.

Surya Power was cofounded by serial entrepreneurs Abhilash Thirupathy and Karthic Ravindranath. While Thirupathy was cofounder of online medical advisory network Healthcaremagic, which was recently acquired by US-listed Ebix for $18.5 million (Rs 111 crore) while Ravindranath has earlier founded Sakthi Aerospace.

Source: The Economic Times (link opens in a new window)

Energy, Impact Assessment
impact investing, solar