Shell Ventures-backed solar energy solutions provider Orb Energy is in talks with investors for its Series D round. It is aiming to raise nearly Rs 400 crore ($48 million) in a mix of equity and debt, as it seeks to expand its ground-mounted solar solutions offerings.
Founded by Damian Miller and NP Ramesh in 2006, Orb provides a range of solar energy solutions (solar electricity and solar water heating) to residential, commercial, and industrial customers. Since its founding, Orb has sold more than 167,000 solar systems, with cumulative installations of more than 261 MW of rooftop solar systems, according to its website.
In an interaction with DealStreetAsia, Miller said, “We’ve been looking for funding for a while now, and I’ll be honest, it’s been tough. First, we had COVID, and after that, we faced a sharp rise in solar prices due to global inflation, which squeezed margins significantly.”
In 2019, Royal Dutch Shell’s New Energies business bought a 20% stake in Orb Energy. In 2015, the Dutch development bank FMO put $2 million into the company. Its other investors include Bamboo Capital Partners, Rianta Capital, Acumen Capital Market Funds I, and Pamiga SA.
Edited excerpts from the interview with Miller: