New Delhi, India – Smart Joules, an energy efficiency startup, has successfully raised $8 million (approximately INR 66 crore) in debt funding from Denmark’s Investment Fund for Developing Countries (IFU). This funding comes as part of a green strategic partnership between India and Denmark and will empower Smart Joules to offer innovative B2B cooling solutions.
The startup intends to utilize the newly acquired funds to implement its pipeline of cooling-as-a-service (CaaS) partnerships with healthcare and hospitality chains, aiming to significantly reduce energy consumption and carbon emissions. Additionally, Smart Joules plans to venture into cooling-intensive sectors such as data centers, pharmaceutical manufacturing facilities, and commercial offices.
Founded in 2014 by Arjun Gupta, Smart Joules takes pride in its industry-first cooling-as-a-service (CaaS) solution, emphasizing energy efficiency. The startup has developed DeJoule, an advanced building and utility management IoT technology, and offers a comprehensive solution called JouleCOOL, covering design, implementation, operations, maintenance, and energy optimization.
Arjun Gupta, the founder and CEO of Smart Joules, expressed, “This investment will help us execute our robust pipeline of portfolio-wide Cooling-as-a-Service (CaaS) partnerships. Every dollar invested will go towards saving energy, carbon emissions, and costs, allowing our customers to meet their decarbonization and profitability objectives simultaneously and starting immediately.”
Smart Joules aims to extend its partnerships across various industries, resulting in a projected reduction of approximately 7.5 lakh tonnes of carbon dioxide emissions. The startup is dedicated to assisting its clients in achieving a minimum 20% reduction in energy costs, promoting energy efficiency as the default choice to combat climate change and foster sustainable practices across sectors.
Since its inception, Smart Joules claims to have saved 23 crore kWh of energy, translating to INR 181 crore in energy costs and a reduction of 1.6 lakh tonnes in carbon emissions. Among its clients in the healthcare sector are Apollo Hospitals, KIMS, and Aster, with plans to expand into the Indian hospitality sector, starting with Le Meridien.
In 2021, the startup raised $4.9 million in equity funding from Sangam Ventures, Max I. Limited, cKinetics Accelerator, Dabur family’s Saket Burman, and several other angel investors.
Smart Joules is part of a growing number of Indian startups contributing innovative clean technology solutions to reduce carbon emissions and promote sustainable practices.
