The Coimbatore-based company has raised ₹30 crore ($3.3 million) in its maiden funding round, led by Transition VC. GreenTech deploys AI and machine learning for predictive maintenance and SCADA analytics in wind turbine operations. Funds will fuel infrastructure expansion, platform upgrades, and international market development, targeting significant revenue growth.
GreenTech Raises ₹30 Crore in Seed Funding:
Coimbatore-based deeptech startup GreenTech has raised ₹30 crore ($3.3 million) in its maiden funding round. It was led by Transition VC, a climate-focused fund.
GreenTech Megawatt was incorporated in 2018 as a specialist operation and maintenance provider for wind turbine assets across India. The capital will be utilized towards infrastructure expansion, enhancement of AI/ML predictive maintenance platforms, and SCADA analytics capabilities. The strategic move is expected to consolidate its position in the rapidly growing renewable energy sector.
Expansion and Revenue Objectives:
Apart from technological enhancements, GreenTech will ramp up business development initiatives. The startup is eyeing manifold revenue increase, triggered by aggressive expansion within India and at strategic international wind markets such as Vietnam and Sri Lanka. It is also looking to target Southeast Asia and the MENA region.
GreenTech employs data-driven maintenance and predictive analytics to achieve optimized energy generation by enhancing turbine output with minimized downtime. Its technology allows the detection of real-time anomalies, failure forecasting, advanced blade inspections, and remote performance monitoring to reduce costs and prolong the life of wind turbines.
Capitalizing on Renewable Push:
The early-stage startup is strategically positioned to capitalize on India’s strong push for renewable energy. India aims to install 150 GW of wind energy assets by 2030, with 50 GW already operational. GreenTech notes a significant gap in managed capacity, with asset owners managing 8 GW and service providers like itself managing only 5 GW, leaving a 35 GW opportunity.
India ranks third globally in wind capacity. The nation’s commitment to renewable energy is attracting significant early-stage capital and merger and acquisition interest within the startup ecosystem.
