Zynergy Solar Projects & Services, promoted by first generation serial entrepreneur, Rohit Rabindernath, has secured an investment commitment of $100 million from UK-based Kohli Ventures over the next three years to support its expansion plans that include setting up of new Rs.400 crore solar manufacturing plant.
Zynergy, a Chennai-headquartered company which is now focused on rural-centric off-grid solar products, has so far received close to $10 million from global VC firm Kohli Ventures, which has now more than 26 per cent stake in the company.
Zynery is set to expand its product range from solar inverters to solar pumps and other related products in the immediate term. Also, the company is preparing to expand beyond off-grid segment to transform into a solar product and application specialist.
“Despite challenging market conditions, we have achieved exponential growth in the past four years,” Mr.Rabindernath, Group MD & CEO, said here. “Our total revenues have grown to about Rs.100 crore from about Rs.4 crore. To enter the next growth trajectory, we are setting up a new manufacturing unit, working on backward integration for critical components and investing in R & D.”
The company’s new manufacturing unit, which will produce solar modules, cells and inverters, is coming up at the Nanguneri SEZ in southern Tamil Nadu at an investment of about Rs.400 crore. Construction work has begun and the first phase of the factory will be up and running over the next 14-16 months.
Technical collaboration The factory is being set up through a technical collaboration with Germany-based Singulus, a global solar module maker. “This is our first venture in India and Zynergy will be the first company to use our latest ‘Perc’ technology, which will promise a module efficiency exceeding 18 per cent,” said Dr.Stefan Rinck, President & CEO, Singulus.
Tej Kohli, Chairman, Kohli Ventures said the company would bringing in the additional $100 million by way of debt and equity to support Zynergy, which is awaiting patent for some disruptive technology in the solar product space. “This will have a major impact in the solar space. We hope to announce it in the next few months,” he said adding, “Zynergy has capabilities to design, develop and deliver a wide range of products for the international market too.”
With funds support from its investors and manufacturing-cum-product expansion, Zynergy aims to become a $500 million company in the next five years. “Combination of rural market and overseas business will help us to grow to this level,” said Mr. Rabindernath.
