Loom Solar Looks To Light Up Indian Households With Solar Energy

SUMMARY

The startup claims to be present in 500 Indian districts and operates through a network of 10K+ resellers

The Origin Story

Uninterrupted access to modern energy services is mandatory for a nation’s growth. However, many households in India still grapple with irregular and expensive power supplies and many people resort to using unhealthy biofuels for their essential needs. As solar can be a clean and cost-effective answer to these challenges, brothers Amol and Amod Anand are bringing it to Indian households at scale through Loom Solar. The startup in the renewable energy space makes all essential hardware, including rooftop solar panels, inverters and batteries, to ensure a more sustainable and equitable future for millions.  

The Differentiator

Loom Solar provides a comprehensive range of solar panels, lithium batteries and solar inverters all in one place. This integrated approach aims to enable people, especially those in rural communities, to offer reliable off-grid power sources. It also claims that its rooftop with its solar panels household can save up to 80% in electricity bills. Considering the upfront costs associated with installing home solar panel systems, (which start at INR 1,050 for a 10-watt system and can exceed INR 20,000 based on increasing electricity requirements), it has partnered with several banks, such as HDFC Bank, ICICI Bank and Axis Bank, for easy loans and EMI options.

 The Growth

Loom Solar has served 50K users, fulfilling electricity requirements up to 100 MW. It is present in 500 Indian districts and claims a network of 10K+ resellers for easy product access. The brand also caters to corporate customers, including ACC, Nexleaf Analytics, Ecoppia and more, and clocked INR 100 Cr in revenue in FY23.

What’s Next

The Council on Energy, Environment and Water (CEEW) estimates that 25 Cr+ Indian households can generate 637 GW of solar energy using rooftop systems. If one-third of this capacity gets installed, it can meet the power requirements of the country’s residential sector. Loom Solar is well-equipped to cater to the increasing demand for solar energy and aims to earn a revenue of INR 350 Cr in the calendar year 2024. It is also planning to set up a manufacturing unit for batteries and EV chargers by CY25.