IIT-Madras startup, Swadha Energies obtains funds from Angel Investors

IT-Madras startup Swadha Energies has announced that it has raised anonymous amount of funds in a pre-Series A round from angel investor groups Indian Angel Network (IAN), Keiretsu Forum and Stanford Angels.

This is the startup’s first round of institutional funding, and IAN members MVS Mani, co-founder and MD, Future Focus Infotech, Nitin Zambre, Ex-MD, ICF India, and others led the round.

Founded in 2016, Swadha is incubated at IIT-Madras’ Rural Technology Business Incubator, and designs smart HVAC (Heating, Ventilation and Air Conditioning) systems which can save close to 40% in energy costs. The Chennai-based startup, launched in 2016, aims to employ the funds for further product development, to drive consciousness about sustainable energy consumption, and to boost its sales and marketing.

The company carried out its first installation at IIT-M Research Park, and since then, it has completed over 25 installations across industries, both Greenfield and retrofit. “Our main product is an intelligent motor drive which can be used across industries as agri-pump, elevator or escalator, electric vehicle and domestic appliances, and so on. Our intelligent system further uses the IoT sensor inputs to optimize power,” Poddar said.

“Limiting energy consumption is one step towards our pursuit of sustainable development. However, to maximise output while minimising energy consumption requires really innovative thinking, and bright minds at Swadha Energies give us hope for a better future, and so make us feel confident in the merit of our investment,” Lead IAN Investor, MVS Mani, believed.