Solar panel manufacturer Loom Solar aims to reach 100 million customers digitally and achieve Rs 100 crore revenue by FY 2020-21.
The company, which hosts an online solar product store, manufactures its brand of monocrystalline solar panels and AC modules and has its manufacturing, R&D and warehousing plants in Faridabad and Sonipat.
Loom Solar claims to have witnessed consistent growth over the past one year despite the Covid-19 pandemic.
“Despite the pandemic and lack of demand in the renewable segment, Loom Solar has continued to grow and received consistent inquiries and demand from across India,” read a company statement.
“The company targets to generate a revenue of over Rs 100 crore by the end of FY 2021, which will be a 300% increase within a year,” it added.
Since its inception, Loom Solar has, on average, achieved revenue growth of 10 times year-on-year. A winner of Fastest-Growing SMB of the year 2020 – Amazon Sambhav, it has an army of 2,000 solar entrepreneurs working pan India and aims to engage and create over 1500 more entrepreneurs this year, to achieve a total of 3500.
Since its inception, Loom Solar claims to have installed 10 MW solar power equipment in 20,000 Indian homes and has a 2-3% share in the Rs 1,000-crore residential solar market segment. It aims to become India’s most popular brand by 2021 by reaching 100 million customers.
“We want to achieve a target of 120-million-unit (kWH) power, which will be generated from solar panels to result in 40,000 tonnes reduction in (CO2) Carbon dioxide emission. This generation is equivalent to planting 15,40,000 trees over the lifetime,” Loom Solar Co-Founder and Director Amol Anand said.
“Solar is a new, inspiring, and exciting technology for a homeowner. It is expensive. It impacts the aesthetics of a home, and very few people have installed solar panels so far on their rooftop. Hence adoption is low, but as we make solar simple, digital, and affordable, the installation base is increasing.”
The company’s business is operated as a commerce model with solar products available for sales to the consumer through online sales and distribution and offline model.
At present, South and East India contribute about 60% of the company’s revenue, with a balance 40% coming from North and West Indian states. Major contributors to the revenue are Tamil Nadu, Kerala, West Bengal, Odisha, Uttar Pradesh, Punjab, Maharashtra and Rajasthan.
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