Smart Joules Raises USD 10 Million in Series B Funding

Smart Joules has secured USD 10 million in Series B funding to accelerate its expansion across India’s Commercial and Industrial (C&I) sector. The company plans to use the investment to scale its energy-efficiency and cooling solutions into new industries and larger projects, while enhancing its technology, analytics, and execution capabilities.

December 10, 2025. By News Bureau

Smart Joules has raised USD 10 million in Series B funding led by SVL SME Neev II Fund Waaree and Spectrum Impact. The investment will accelerate Smart Joules’ next phase of growth as it scales impact across India’s commercial and industrial sectors. The proceeds will be directed toward expanding its energy efficiency and cooling operations into newer sectors and larger-scale projects including manufacturing, building automation, and district cooling, while further strengthening the company’s technology, analytics, and on-ground execution capabilities.

Commenting on the milestone, Arjun P Gupta, Founder and CEO, Smart Joules, said, “Over the past decade, Smart Joules has built a team with deep expertise in cooling and automation, matured AI and IoT technology to intelligently automate India’s buildings and factories, and pioneered efficiency- and cooling-as-a-service business models to eliminate energy waste.

“By partnering with Spectrum, Waaree, and Neev II Fund, we aim to accelerate movement toward our vision to eliminate 29 million tonnes of CO₂ emissions within this decade by positioning energy efficiency as the first fuel in the built environment,” he added.

Smart Joules’ mission is to make energy efficiency simple, substantial, and profitable, with a vision to reduce 29 million tonnes of carbon emissions by 2030. To date, the company has conserved 32.1 crore kWh of energy, cut 2.4 lakh tonnes of CO₂ emissions, and saved Inr 266 crore in energy costs, proving that decarbonisation can deliver both environmental and financial returns. The fresh round of investments marks a significant step forward in Smart Joules’ journey toward its 2030 vision, enabling faster scale-up of impact, innovation, and profitable decarbonisation.

Sharing his perspective on the investment, Prem Prabhakar, MD and CEO, SBI Ventures, said, “Smart Joules embodies the future of responsible energy use — combining technology, efficiency, and impact. We’re proud to partner in their growth journey. This investment aligns with our vision of supporting companies that deliver both economic returns and measurable environmental outcomes. Our investment will enable delivery of energy efficiency at scale and generate sustainable, long-term value for all stakeholders.”

Further reflecting on the funding, Akshay Panth, Chief Investment Officer, Neev Funds, added, “We believe energy efficiency will be a key driver for India’s sustainable growth. Smart Joules is well-positioned to transform the energy efficiency landscape in India, with its focus on technology-led energy optimisation and innovative business models. We look forward to supporting their continued growth and innovation.”

Founded in 2014 by Arjun P Gupta, Sidhartha P Gupta, and Ujjal Majumdar, Smart Joules has been a pioneer in reimagining how India’s buildings consume and conserve energy. Its portfolio of efficiency-first solutions — JoulePays (India’s energy-efficiency performance contracting solution), JouleCool (India’s first cooling-as-a-service offering), and DeJoule (an AI-powered full-stack building management system) — enables facilities to cut energy waste, lower costs, and eliminate carbon emissions without compromising comfort or reliability.

Viren Doshi, Executive Director, Waaree Renewable Technologies, shared, “Our investment in Smart Joules reflects Waaree’s commitment to building a broader energy transition platform. We see energy efficiency and cooling-as-a-service as pivotal to shaping a sustainable future and a fast-emerging global model, especially in markets like India, Southeast Asia, and MENA. This investment underscores our focus on backing innovative climate-tech companies with not just capital, but also strategic partnerships and long-term support — guided by a founder-first approach to help visionary teams scale transformative businesses.”

The company continues to be at the forefront of India’s profitable decarbonisation movement, championing energy efficiency as the country’s most accessible, scalable, and sustainable route to achieving net zero. With this fundraise, the company is set to expand its impact footprint, deepen technological leadership, and reinforce India’s position as a global example in efficiency-led growth.

Addressing the investment, Mirik Gogri, Principal, Spectrum Impact Family Office, said, “We believe energy solutions, including energy efficiency, are the most immediate and impactful lever in India’s journey towards sustainable growth. Smart Joules’ approach — combining intelligent technology with performance-linked delivery — creates a clear business case for decarbonisation at scale. We are excited to back a team that has demonstrated both innovation and execution discipline in making efficiency mainstream across India’s commercial and industrial landscape.”

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