Press Releases

20
June
2014

Intellecap Impact Investment Network Makes its First Investment in the Clean Energy Sector

Intellecap Impact Investment Network (I3N or I-cube-N) has made its first investment in the Clean Energy sector by funding Coimbatore-based solar-agriculture startup, Surya Power Magic. The investment has been made in syndication with Infuse Ventures, IIM Ahmedabad’s Clean Tech focused fund.

Led by founders Dr. Abhilash Thirupathy and Karthic Ravindranath, Surya Power Magic offers efficient solar-based irrigation solutions for farmers, and aims to be a pioneer in R&D and distribution solutions for solar products. The company currently creates and sells high quality affordable solar water pumps that allow farmers to reliably access water for irrigation. Surya has installed over 25 water pumps in Tamil Nadu till date.

I3N members investing in the company include the Waaree Group, and Naveen and Gautam Kshatriya of Kshatriya Ventures. The Waaree Group, led by Hitesh Doshi and advised by Nilesh Gandhi, is one of the largest domestic players in the solar sector in India specializing in solar panels, modules, etc. Nilesh Gandhi said, “We are seeing quite a few interesting opportunities across sectors come our way through I3N. These are very different than the usual angel deals and can make interesting strategic investments for domestic investors.”

Speaking on the investment, Naveen Kshatriya said, “This investment will be used for strengthening the second line of management, R&D, marketing, and business development over the next 18-24 months.” Gautam Kshatriya added, “We are confident that Surya’s unique tripartite partnership-based model for distribution and financing will enable the company to grow rapidly.

I3N is India’s first angel network focusing on funding impact enterprises. It is an exclusive network of over 50 angels including HNIs, family offices, and early stage funds. I3N Head Aditi Shrivastava said, “Angel investors have typically found Clean Energy as a difficult sector for investment because of the perception of high initial costs, complicated technology, or regulatory issues. But we are getting them promising startups in sub-sectors such as bio fuels, clean cook stoves, cold storage, FMCG solar goods, etc., which are easy to understand and also amenable to smaller ticket investments.”

Surya co-founder Abhilash Thirupathy concluded, “Along with financing, I3N angels can add tremendous value across the value chain for us. We are excited to have these investors on board, and look forward to getting their guidance in scaling up our operations.”

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