Billionaire Nithin Kamath backs start-up democratizing access to solar energy
Billionaire Nithin Kamath, the co-founder of Zerodha, has announced an investment in SundayGrids, a Bengaluru-based start-up focused on addressing India's solar power harvesting challenges. The investment was made through Rainmatter, Zerodha's initiative that funds and incubates start-ups. Kamath expressed his enthusiasm about the company's unique approach to making solar energy more accessible for those living in apartments or rented houses without sufficient roof space for solar panels.
SundayGrids's innovative solution to solar power accessibility
SundayGrids, founded by Mathew Samuel, Naseer Sathyala, and Tarun Joseph, has developed an innovative model that allows individuals to invest in solar power without needing dedicated space. The company sets up solar power plants at various locations and enables people to reserve a portion of the plant's capacity. This reservation generates credits that can be used to offset electricity bills, regardless of the plant's location.
SundayGrids's business model: A win-win for all parties
The business model involves residential users investing capital to install solar panels. Multiple users then pool their funds to set up a solar panel on a commercial or industrial rooftop. The power generated is then sold and consumed by the commercial user, with the revenue being credited back to the residential investor as a credit against their electricity bill. SundayGrids's approach not only promotes solar energy use but also provides financial benefits for investors.
Kamath applauds SundayGrids's efforts in promoting sustainability
Kamath highlighted that only about 10% of urban households in India have rooftop solar panels, despite government subsidies. He praised SundayGrids for their efforts to address this issue and promote sustainability. "Various governments are now coming up with regulations to encourage third-party solar models. I think this is a cool way to make solar accessible to the masses," Kamath stated.
