CleanMax Solar announced that it has secured equity financing of up to $100 million from an affiliate of Warburg Pincus, a global private equity firm focused on growth investing.
The company, which enjoys 24 per cent market share in India’s booming rooftop solar market (Source: Bridge to India), will use the funds to continue its rapid growth in the rooftop and open access solar power markets. This will be in India, and select international markets (Middle East and South-East Asia), besides growing in the nascent, yet promising energy storage solutions business.
Commenting on the same, Kuldeep Jain, Founder and Managing Director of CleanMax Solar said, “CleanMax was founded with the mission of being the sustainability partner for corporates. Warburg Pincus was a partner of choice for us as they have fabulous track record of partnering entrepreneurs in India over past twenty years.”
“With this investment, we combine our market leadership in the corporate solar sector with the status of being also the best capitalised company in the space. Warburg Pincus’ investment will enable us to pursue additional growth opportunities beyond India, and provide next generation solutions to our customers through a combination of rooftop solar and energy storage,” he added.
On his part, Saurabh Agarwal, Managing Director, Warburg Pincus commented, “We believe that CleanMax, is well poised to benefit from the strong growth tailwinds in the sector, and look forward to working with the management team to build a world class enterprise.”