Samridhi Fund has agreed to make a Rs 200 million investment in Mumbai-based solar installation startup Oriano Solar.
The Series A investment comprises a mix of debt and debenture and, according to Oriano Solar chief executive Sachin Jain, SIDBI Ventures is keen to invest another Rs 97.5 million depending on the growth of the company.
Oriano Solar, incorporated in June 2015, specialises in turnkey engineering, procurement and construction contracts for utility-scale solar power plants, solar farms and rooftop projects. The startup, chasing a revenue target of Rs 2 billion in FY18, will use the funds to finance working capital requirements and expand its 45-member team by adding at least 25 people in business development and technology. The company is set to cross Rs 500 million in revenue in this fiscal year, up from around Rs 50 million last year.
The projects the company undertakes typically range from 1 megawatt to 10-20 MW. These require 440 acres of land and cost Rs 40 million to Rs 400 million.
