Two Point O Raises USD 6.3M to Boost India's Clean Energy Sector
Two Point O Capital secured USD 6.3 million in seed funding, led by Omnivore and other investors, to finance distributed clean energy projects for MSMEs and rural enterprises. The platform aims to address the USD 10 billion annual funding gap in India's clean energy sector.
September 27, 2024. By EI News Network
Two Point O aims to bridge a significant funding gap in the distributed clean energy sector by providing innovative financial solutions to MSMEs and rural enterprises. While large-scale clean energy projects have traditionally attracted more investment, Two Point O sees a substantial unmet demand for capital in distributed-level projects, estimated to exceed USD 10 billion annually.
With this new funding, Two Point O plans to enhance its technology-driven platform to source, underwrite, finance, and monitor distributed clean energy projects, including solar rooftops, energy efficiency equipment, and wastewater treatment. The company will collaborate with various operational and financial partners to build a high-quality portfolio and manage it throughout its lifecycle. This partnership-driven approach is seen as crucial to making a significant impact in the sector.
Founded earlier this year by Archit Mehrotra, Karan Bhutani, Manya Ranjan, and Shashidhar Reddy, Two Point O boasts a founding team with over 70 years of combined experience in clean energy, finance, and operations. The team has previously worked at leading firms such as KKR, McKinsey, Shell, BP, Honeywell, ReNew, Sterlite Power, and GIC.
Commenting on the investment, Abhilash Sethi, Investment Director at Omnivore, stated, “Two Point O’s innovative approach to climate financing has the potential to significantly accelerate India’s clean energy transition, particularly in underserved sectors like rural and agriculture. By unlocking capital for distributed energy assets in rural India, the startup empowers businesses nationwide to embrace sustainability.”
Raveen Sastry of Multiply Ventures added, “We are excited to support this talented team as they address one of India’s biggest challenges – the lack of financing for clean energy projects. Their innovative solutions can unlock huge opportunities in the distributed cleantech sector, and we look forward to partnering with them to create a cleaner, more sustainable future for India.”
The founders of Two Point O expressed gratitude for the support received from Omnivore, Multiply, RTP Global, GrowX, Spectrum Impact, and their angel investors, noting that the investment will accelerate their growth trajectory and help attract top talent to build a world-class team.
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