Chennai-based startup SolarTown Energy Solutions Pvt Ltd and Pune’s Comarete Technologies Pvt Ltd have cumulatively raised Rs 1.4 crore ($210,000) through GREX, an exchange-like platform that connects startups and investors.
GREX Alternative Investments Market Pvt Ltd, which operates the platform, didn’t reveal the breakup of the funds raised by the two startups in a press statement.
The companies will use the funds for market expansion, investment in technology, international business development and working capital requirement.
SolarTown was founded in 2012 by Vikram Dileepan and Dhanush Kuttuva. The startup provides for sale, lease and installation of solar rooftop systems from 1 kW to 300 kW for residential, commercial and industrial customers. The company claims to have installed more than 100 solar systems and counts Infosys and Renault-Nissan among its customers.
Comarete was founded in February 2015 by Tushar Patil and Harshvardhan Kumar. The startup offers technology and consulting services for the telecom and media industry. The company claims to have customers in India, Asia Pacific region and the Middle East.
“The convergence of telecoms and IT has opened the door of significant B2B activity in the information and communication technology industry which we would not like to miss. The funds raised will be used for building solutions based on the Internet of Everything,†said Patil.
Pune-based GREX allows investors to discover companies, invest and keep track of their investments. Investors and startups register themselves on the platform like on an exchange. Startups wishing to raise funds post necessary documents including financials on the platform, which are viewed by interested investors. The platform also helps in secondary transactions for investors.
In August last year, GREX itself raised Rs 4 crore in angel funding. The company was founded in 2012 by Manish Kumar along with Abhijeet Bhandari, Sanjay Nishank and Surojit Nandy.
