Smart Joules, an India-based energy solutions company focused on efficiency-led decarbonization, has raised USD 10 million in Series B funding. The round was backed by SVL SME Neev II Fund, Waaree Renewable Technologies, and Spectrum Impact.
The capital will be used to expand large-scale cooling and automation deployments across commercial and industrial facilities in India. In addition, the company plans to invest in manufacturing-linked efficiency solutions and strengthen its capabilities in analytics, artificial intelligence, and Internet of Things-based systems.
Founded in 2014 by Arjun P Gupta, Sidhartha P Gupta, and Ujjal Majumdar, Smart Joules operates with an efficiency-first approach to energy management. The company works with building owners and industrial operators to reduce energy consumption while maintaining operational reliability.
Its offerings include an energy-efficiency performance contracting model, a Cooling-as-a-Service platform, and an AI-enabled building management and automation system. Together, these solutions are designed to address energy waste in cooling-intensive environments.
Over the past decade, Smart Joules reports measurable outcomes from its projects. These include conserving more than 32 crore units of electricity, reducing carbon emissions by 2.4 lakh tonnes, and helping clients save approximately Rs 266 crore in energy costs.
According to Founder and CEO Arjun P Gupta, the company has spent years building technical depth in cooling systems, automation, and AI-driven energy optimisation. He noted that the new capital and strategic backing will support Smart Joules’ goal of eliminating 29 million tonnes of carbon emissions by 2030, while positioning energy efficiency as a core energy resource in the built environment.
Investors echoed the importance of efficiency in India’s energy transition. Prem Prabhakar, MD and CEO of SBI Ventures Ltd., said that Smart Joules represents a responsible energy consumption model that combines technology with environmental outcomes. Akshay Panth, Chief Investment Officer at Neev Funds, added that energy efficiency will be central to India’s sustainability efforts, and that Smart Joules is positioned to scale such solutions.
Viren Doshi, Executive Director at Waaree Renewable Technologies Limited, highlighted the growing role of efficiency and Cooling-as-a-Service within broader energy transition platforms. Mirik Gogri of Spectrum Impact pointed to the company’s execution track record in delivering near-term decarbonization outcomes for commercial and industrial clients.
Smart Joules continues to focus on efficiency-led growth as a pathway to decarbonization. With this funding round, the company aims to expand its footprint, strengthen its technology stack, and contribute to India’s long-term net-zero objectives through scalable, commercially viable solutions.
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