Smart Joules, a leading energy services company focused on efficiency-first solutions, has raised $10 million in a Series B funding round led by Neev II Fund, managed by SBI Ventures Limited. The round also saw participation from Waaree Renewable Technologies and Spectrum Impact, further strengthening investor confidence in India’s rapidly growing energy efficiency sector.
This fresh capital comes after Smart Joules raised $8 million in debt funding from Denmark’s IFU in February 2024 and $4.9 million in 2021 from Sangam Ventures, Max I. Limited, cKinetics Accelerator, and other investors—marking a steady trajectory of investor backing over the years.
The company plans to deploy the new funds to scale its energy efficiency and cooling operations across commercial and industrial facilities. Key focus areas include manufacturing units, building automation, and district cooling projects, with a strong emphasis on strengthening technology infrastructure, data systems, and on-ground execution teams.
Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules operates on a model that enables enterprises to cut energy consumption without any upfront capital investment. Its product portfolio includes:
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JoulePays – Performance-based energy efficiency contracts
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JouleCool – Cooling-as-a-service solutions
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DeJoule – An AI-led building management and optimization platform
According to the company, Smart Joules has so far conserved 32.1 crore kWh of energy, reduced 2.4 lakh tonnes of CO₂ emissions, and delivered ₹266 crore in cumulative energy cost savings. By 2030, the company aims to achieve a total carbon emissions reduction of 29 million tonnes, reinforcing its commitment to climate impact and sustainable industrial growth.
By: Arushi Agarwal
