Zenatix will use the money primarily for product enhancement, hiring people and to expand its operations in Bangalore and Mumbai.
“Energy efficiency and savings is as important and as large a frontier to tackle as renewable energy. We have faith that team Zenatix will keep pushing the innovation envelope on this front, and emerge as a key player in what the world is today discussing feverishly in Paris at the Climate Summit,” said Karthik Reddy, co-founder and managing partner at Blume Ventures.
The firm had earlier raised Rs 1.27 crore ($190.5K) in seed funding from group of angel investors led by Rahul Khanna (Trifecta Capital), Rajan Anandan (Google) and Kunal Bahl & Rohit Bansal (Snapdeal co-founders).
Founded in December 2013 by IIT alumni Rahul Bhalla, Vishal Bansal and Amarjeet Singh, Zenatix provides a cloud-based energy analytics product that helps large consumers of electricity reduce their electricity spend by at least 10 per cent, using intelligence from the energy data correlated with other factors including temperature, humidity and occupancy.
“We have a SaaS based engagement model – the customer doesn’t pay upfront for the hardware or software. It is a fixed monthly or annual fee and the energy savings delivered by our analytics solution far outweigh our fee. Typically, the customers become cash flow positive by a significant amount from second month onwards ” said Rahul Bhalla.
Currently, Zenatix focuses on commercial customers like large office spaces, retail chains, banks, hospitals, hotels and educational institutions. It has over 45 paying customers including Google, Tata Teleservices, NIIT etc.
Mumbai-based Blume Ventures was founded in 2010 by members of Mumbai Angels, Sanjay Nath and Karthik Reddy, provides seed, early and venture capital to companies in data infrastructure, specialised finance, biotechnology, research and development.
It has been actively investing since 2011 and is backing more than 20 companies per year.