Plug-and-play Sustainable Infra
Domestic manufacturing in the solar energy sector has been a point of struggle in India. The government launched production-linked incentives programs to boost this and this was where Prozeal Infra came into play. The company’s co-founder, Shobit Rai says, “Prozeal aims to be India’s most bankable clean energy company.”
Prozeal currently is sitting on a closed EPC (engineering, procurement and construction) order book of close to Rs 2000 crore. It will be completing this in FY 2023-24 and also plans to hire another 150-200 engineers for expanding its footprint in renewable energy asset development and for distributed green hydrogen generation.
In the last year, when the infra industry was facing hurdles due to fluctuating commodity prices, Prozeal made client relationships an integral part of its company principles. It identified “best services” as the way to grow.
Fundraise & Future Plans
In February 2023, Prozeal raised USD 4 million in Series A from Alchemie Ventures for an 8 per cent stake. The company plans to go for the next round by June 2023 which will be between USD 10-15 million. It plans to then take the IPO route to raise an additional USD 50-60 million.
The funds will be used for developing assets in renewable energy, working capital for EPC business, and the development of green hydrogen and sustainable future fuels to meet the industry demands.
A Wide Footprint
Prozeal operates in the commercial and industrial segment to help multinationals and corporates with renewable energy projects such as solar, wind-solar hybrid and distributed green hydrogen, to reduce power bills and achieve net zero goals.
It operates on a park model with ready plug-and-play infra across the country, largely in states such as Gujarat, Maharashtra, Karnataka, Tamil Nadu, Rajasthan and Madhya Pradesh.
The company also has over 650 MW of solar projects commissioned across 18 Indian states and more than 50 electric vehicle charging stations installed in its dedicated Procharge application.
In terms of business growth trajectory, the company has been doubling its scale year-on-year and FY 2022-23 is no different. Rai discloses, “We have not only achieved our revenue targets but also our EBITDA numbers, which are more critical to keep the company bankable.”
