Team StartupCity

• Smart Joules secures $10 million in Series B funding led by Neev II Fund
• Funds to boost energy efficiency, cooling projects, and tech capabilities across India
• Company aims to reduce carbon emissions and energy costs for industrial and commercial clients

Smart Joules, an energy services firm focused on efficiency-first solutions, has raised $10 million in a Series B funding round led by Neev II Fund, managed by SBI Ventures Limited, with participation from Waaree Renewable Technologies and Spectrum Impact.

Earlier, in February 2024, the company raised $8 million in debt from Denmark’s IFU, and in 2021, it secured $4.9 million from investors including Sangam Ventures, Max I. Limited, and cKinetics Accelerator. The latest capital will help Smart Joules expand its energy efficiency and cooling operations across commercial and industrial facilities in India. Key focus areas include manufacturing units, building automation, and district cooling projects. The funds will also strengthen technology platforms, data systems, and on-ground execution teams.

Founded in 2014 by Arjun P. Gupta, Sidhartha P. Gupta, and Ujjal Majumdar, Smart Joules works with enterprises to cut energy consumption without requiring upfront capital from clients. Its products include JoulePays for performance-based energy contracts, JouleCool for cooling-as-a-service, and DeJoule, an AI-powered building management platform.

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The company has so far conserved over 32 crore kWh of energy, cut 2.4 lakh tonnes of CO₂ emissions, and delivered Rs 266 crore in energy cost savings. Smart Joules targets reducing 29 million tonnes of carbon emissions by 2030, supporting India’s sustainability goals while enabling businesses to optimize operational efficiency.