Loom Solar, a Delhi NCR-based company that started its journey in 2018 bootstrapped with a seed capital of Rs 50,000 and has grown to an enterprise worth Rs 100 crore. The company has a presence in 500 districts nationwide and has 3500 resellers and 100 employees. It has won many accolades, including the prestigious gold and silver award in the 11th Annual 2019 Golden Bridge Business and Innovation Awards in the USA. The company’s mission is to create solar panels as part of the home solutions segment in India. It strongly believes in the power of the human touch and its intervention to create a revolution.
Eliminating the Customer’s Pain Point
The company has witnessed the pain points in the market where customers spend a lot of time and effort in finding various components and hardware to set up the rooftop solar. Loom Solar was set up to eliminate these barriers in adoption. The rooftop solar is highly beneficial to the urban homeowners who would like to utilise unused rooftop space to install solar panels and money off their power bills. It is a boon for the semi-urban and rural areas where power cuts are a usual affair.
Master Plan for the Growth path
The company has claimed to break-even within the first year of its venture. The team managed to clock Rs 25 crore in revenue in its second year of operation and has installed 10,000 kW of solar power in 20,000 Indian homes. Currently, the company claims to hold 3% market share in the residential solar market segment which is approximately around Rs 1,000 crore.
Marching on the Road ahead
The company aims to have over 100 million subscribers and Rs 100 crore in revenue, with a growth rate of over 300 percent. It wants to accomplish a target of 120 million units (kWH) of solar electricity, which will save 40,000 tonnes of carbon dioxide emissions.
With its fastest-growing solar franchise, the company generates substantial returns on small investments. It wants to empower its dealers and distributors; thus it has set modest financial criteria for people interested in becoming a dealer.
The company claims to be a customer-focused brand with a product portfolio that includes everything from solar panel systems to PV modules to lithium-ion batteries and other accessories, and has a countrywide reach and awareness. The company is on a mission to be one of the leaders in its segment.
