EdgeGrid, a B2B corporate clean-tech platform, has raised $6 million in a round headed by Lightrock India, with Theia Ventures and other angel investors also participating. The cash will be used to improve the company’s technology, beef up its workforce, and expand the company, which provides a digital platform for managing last-mile delivery of energy-saving consumer utility bills.
EdgeGrid is a technology platform that enables the energy transition for last-mile customers, such as households, small businesses, commercial building owners, and electric vehicle charging networks. It was founded in 2020 by Sunil Talla and Prasad Yerneni, Mushtaq Ahmed, Neeraj Sansanwal, and Vamsi TP.
Its platform enables these last-mile consumers to save money on energy while also producing it locally. It also collaborates with energy distribution businesses and distributed energy providers to lower costs and increase renewable energy penetration throughout the ecosystem.
“Having been in the energy space, it has become apparent that a shift in the way we produce and consume energy is essential. We believe that a consumer-centric model instead of a centralised model is the only viable solution to make this energy transition more sustainable and profitable. To have a material impact, you need to be willing to go where the emissions and losses are and hence focus on the last mile,” said Sunil Talla, founder and CEO of EdgeGrid.
According to the Hyderabad-based firm, India’s energy sector is at a fork in the road as it strives for net zero emissions without jeopardising the grid’s long-term viability. India will have to rethink how it generates, distributes, and consumes power at both the grid and local levels to make this shift. Furthermore, the company stated that this shift must be financially viable for incumbent utility providers, who are now facing over $60 billion in accumulated losses, the majority of which stem from supplying last-mile customers.