EdgeGrid, a B2B enterprise clean-tech platform, has raised $6 million in a round led by Lightrock India, with participation from Theia Ventures and other angel investors.
The company, which offers a technology platform for managing last-mile delivery of energy-reducing consumer utility bills, will use the funding to strengthen its technology, beef up its team, and for expansion.
Founded in 2020 by Sunil Talla and Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, and Vamsi TP.
EdgeGrid is building a technology platform to enable the energy transition for last-mile customers, namely households, small businesses, commercial building owners, and electric vehicle charging networks.
Its platform enables these last-mile customers to consume energy efficiently and generate energy locally.
It also works closely with energy distribution companies and distributed energy generators to reduce their costs and expand renewable energy penetration for the entire ecosystem.
According to the Hyderabad-based company, India’s energy sector is at a crossroads as it ambitiously targets net-zero emissions without compromising the long-term sustainability of its grid.
To achieve this transition, India will have to reimagine the way it generates, distributes, and consumes electricity at both the grid and local levels.
Further, this transition must be financially viable for its incumbent utility companies that are currently facing over $60 billion in accumulated losses a majority of which come from serving last-mile customers, the company said.
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