New Delhi, March 11, 2024: One of India’s fastest emerging energy-tech organizations, Kimbal Technologies, has announced that it has secured $5 million in growth capital in its first-ever funding round. According to the Delhi-headquartered Smart Metering firm, the funding round was led by Niveshaay and a host of marquee investors, including Ayush Mittal of Mittal Analytics Pvt. Ltd. and Sandeep Kapadia, amongst others. Having already deployed over 1 million smart meters to date, the organization would utilize funds to scale up existing operations and new product development, helping build a modern power distribution ecosystem with efficient distribution to the last mile.
On successfully raising the first round of funding, Ayush Sinhal, 33, CEO of Kimbal Technologies said, “It’s an exciting time for us at Kimbal. While India is on a mission to emerge as the next economic superpower, access to a smart, reliable, and energy-efficient energy distribution grid is a non-negotiable prerequisite. We are growing at a solid pace, and I am strategically focused on ensuring that our growth is not only steep but also steady and sturdy.” He added that he appreciates the invaluable trust and support of his investors, as he prepares for the upcoming funding round.
Emphasizing over the potential of the industry and the organization, the investors issued a joint statement, “India’s rapid economic expansion and increased acceptance of renewables around the world necessitates investments in the power sector to keep the juggernaut rolling. Currently, it is not only about supplying and generating power, but also about building a strong power ecosystem and assuring effective distribution to the last mile. The plan is to install 250 million prepaid smart meters by 2025. Currently, projects totaling 222.26 million smart meters have been approved, with 108.34 million already awarded and the remainder in various phases of tendering. To capitalize on this potential, we have invested in Kimbal Technologies. With a significant order backlog, good business model, positive product feedback, and a great technocrat team led by Ayush Sinhal, we believe it will be a great investment in a sector where activity is on the rise.”
About Kimbal
Established in 2011, Kimbal Technologies, a Make-in-India initiative, is a leading power distribution sector solution supplier that offers an integrated Advanced Metering Infrastructure (AMI) solution, including smart meters, RF-Mesh communication technologies, and open-architecture Head-End system. The company serves over 75% components in the value chain and has an established track record of dependability and performance, having deployed 1 million smart meters to date. Stepped on a rapid growth trajectory, Kimbal Technologies is further spearheading an ongoing smart meter deployment of 7.7million smart meters and 5.2 million Radio-Mesh powered network interface cards. The company has also supplied its new-age products to Middle Eastern utilities.
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