Smart Joules has raised $10 million in Series B funding led by SVL SME Neev II Fund (managed by SBI Ventures Ltd, an arm of the State Bank of India), Waaree Renewable Technologies, and Spectrum Impact.
The investment will accelerate Smart Joules’ next phase of growth as it scales impact across India’s commercial and industrial sectors. The proceeds will be directed toward expanding its energy efficiency and cooling operations into newer sectors and larger-scale projects including manufacturing, building automation, and district cooling, while further strengthening the company’s technology, analytics, and on-ground execution capabilities.
Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules has developed new solutions to how buildings consume and conserve energy. Its portfolio of efficiency-first solutions — JoulePays (an energy-efficiency performance contracting solution), JouleCool (India’s first Cooling-as-a-Service offering), and DeJoule (an AI-powered full-stack building management system) — enables facilities to cut energy waste, lower costs, and eliminate carbon emissions without compromising comfort or reliability.
“Over the past decade, Smart Joules has built a team with deep expertise in cooling and automation, matured AI and IoT technology to intelligently automate India’s buildings and factories, and pioneered efficiency- and cooling-as-a-service business models to eliminate energy waste,” said Arjun P. Gupta, Founder & CEO, Smart Joules.
“By partnering with Spectrum, Waaree, and Neev II Fund, we aim to accelerate movement towards our vision to eliminate 29 million tonnes of CO₂ emissions within this decade by positioning energy efficiency as the first fuel in the built environment.”
Smart Joules claims its offerings have helped conserve 32.1 crore kWh of energy, cut 2.4 lakh tonnes of CO₂ emissions, and save INR 266 crore in energy costs, proving that decarbonization can deliver both environmental and financial returns.
Viren Doshi, Executive Director, Waaree Renewable Technologies, said, “We see energy efficiency and Cooling-as-a-Service as pivotal to shaping a sustainable future and a fast-emerging global model, especially in markets like India, Southeast Asia, and MENA. This investment [in Smart Joules] underscores our focus on backing innovative climate-tech companies with not just capital, but also strategic partnerships and long-term support — guided by a founder-first approach to help visionary teams scale transformative businesses.”
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