Home › Business ›Oorja Raises USD 1.5 Million in Pre-Series A Funding to Enhance Solar Irrigation Services
Oorja Raises USD 1.5 Million in Pre-Series A Funding to Enhance Solar Irrigation Services
Oorja owns, operates, and maintains decentralised solar infrastructure at the farm level and sells affordable irrigation and milling services to groups of smallholder farmers.
August 02, 2024. By Abha Rustagi
Oorja, a solar irrigation services provider and agricultural advisory to smallholder farmers in India, has announced the successful close of its USD 1.5 million Pre-Series A funding round.
The round attracted USD 1.2 million in equity finance from impact investors Acumen, elea, a family trust advised by Artha Impact, Echoing Green Signal Fund, Partners Group via its employee-run impact investment association PG Impact, and 1to4 Foundation, as well as USD 300,000 in non-dilutive funding from the Swiss Re Foundation. These funders join Oorja’s existing investor, Schneider Electric Energy Access Asia.
Oorja owns, operates, and maintains decentralised solar infrastructure at the farm level and sells affordable irrigation and milling services to groups of smallholder farmers. Since 2018, the company has pioneered an inclusive Pay-Per-Use model to mainstream access to solar technology for agricultural use. Users pay for irrigation water and produce processed at affordable volumetric tariffs.
The company's latest funding will be used for deploying agri-energy infrastructure for irrigation and milling and deepening operations in existing and new states. Oorja will also launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement. The grant portion of the capital raise, supported by the Swiss Re Foundation, will be used to deliver climate-smart farmer advisory services to help farmers diversify to high-value crops, reduce dependence on chemical inputs, and increase crop yields.
This infusion of capital will propel Oorja to work at scale, enter new geographies and amplify its impact, accelerating the transition from fossil-based energy and inputs to clean, affordable and reliable energy.
“We are delighted to welcome on board reputed impact investors and funders who are aligned with our mission to decarbonise agriculture, while putting the needs of smallholders first. Their support comes at a crucial time as we get ready to scale up from the regional to the national level, putting us on a path to profitability,” said Amit Saraogi and Clementine Chambon, Oorja’s co-founders.
“Besides funding, we also look forward to our funders’ valuable contributions on strategic decision-making and access to their network of partners in the agri-energy domain,” they added.
By the end of the decade, Oorja’s objective is to deploy 10,000 agri-solar projects, reaching 1 million people across the Global South. These projects would avoid around 500,000 metric tons of CO2e emissions over their lifetimes by displacing fossil fuel and fossil-derived fertilisers. In addition to the significant climate benefits, the widespread adoption of solar-powered irrigation will help farmers strengthen their livelihoods and improve food security.
The round attracted USD 1.2 million in equity finance from impact investors Acumen, elea, a family trust advised by Artha Impact, Echoing Green Signal Fund, Partners Group via its employee-run impact investment association PG Impact, and 1to4 Foundation, as well as USD 300,000 in non-dilutive funding from the Swiss Re Foundation. These funders join Oorja’s existing investor, Schneider Electric Energy Access Asia.
Oorja owns, operates, and maintains decentralised solar infrastructure at the farm level and sells affordable irrigation and milling services to groups of smallholder farmers. Since 2018, the company has pioneered an inclusive Pay-Per-Use model to mainstream access to solar technology for agricultural use. Users pay for irrigation water and produce processed at affordable volumetric tariffs.
The company's latest funding will be used for deploying agri-energy infrastructure for irrigation and milling and deepening operations in existing and new states. Oorja will also launch a B2B2C vertical to deliver solar irrigation solutions to agribusinesses and SMEs who engage with smallholder farmers for procurement. The grant portion of the capital raise, supported by the Swiss Re Foundation, will be used to deliver climate-smart farmer advisory services to help farmers diversify to high-value crops, reduce dependence on chemical inputs, and increase crop yields.
This infusion of capital will propel Oorja to work at scale, enter new geographies and amplify its impact, accelerating the transition from fossil-based energy and inputs to clean, affordable and reliable energy.
“We are delighted to welcome on board reputed impact investors and funders who are aligned with our mission to decarbonise agriculture, while putting the needs of smallholders first. Their support comes at a crucial time as we get ready to scale up from the regional to the national level, putting us on a path to profitability,” said Amit Saraogi and Clementine Chambon, Oorja’s co-founders.
“Besides funding, we also look forward to our funders’ valuable contributions on strategic decision-making and access to their network of partners in the agri-energy domain,” they added.
By the end of the decade, Oorja’s objective is to deploy 10,000 agri-solar projects, reaching 1 million people across the Global South. These projects would avoid around 500,000 metric tons of CO2e emissions over their lifetimes by displacing fossil fuel and fossil-derived fertilisers. In addition to the significant climate benefits, the widespread adoption of solar-powered irrigation will help farmers strengthen their livelihoods and improve food security.
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