Opes Impact Fund (Fondazione Opes) along with Rianta Capital and Sumantra Roy have closed a Series A equity investment round in North India-based clean energy access company, Boond Engineering & Development.
Around 500 million people in India receive less than 8 hours of power a day. In states like Rajasthan and Uttar Pradesh this figure is over 100 million with 30% of the population living in un-electrified or badly electrified areas. There is a severe shortage of renewable energy product service centers in these areas where the dismal distribution, storage and transmission of conventional power compounds the energy crisis.
Boond is a social enterprise working towards providing affordable, clean energy access to the remote, rural parts of India. Along with servicing solar power centers, Boond also designs high quality products for rural markets such as solar light systems, solar light bulbs, biomass gas stoves, solar AC inverter systems and solar water pumps.
Currently Boond has 6 energy hubs across districts in Rajasthan and UP, enabling 10 million people access to customised solar solutions. The company also aims to create awareness in the sustainable enterprises sector and facilitate public and private partnerships with inclusive business models.
With this Series A investment, Boond plans to build a more stronger and reliable service infrastructure in the form of energy hubs, demonstration units, inventory and trained technicians.