Indian energy provider Smart Joules secures $10m series B
- ByStartupStory | December 16, 2025
Indian energy-efficiency solutions provider Smart Joules has raised $10 million in a Series B funding round to accelerate its mission of cutting energy waste in hospitals, commercial buildings, and industrial facilities across India. The capital will help the company scale its “efficiency-as-a-service” model, deepen its technology stack, and expand into new sectors and cities.
Funding and investors
The $10 million Series B round will be used to grow Smart Joules’ portfolio of long-term energy performance contracts, under which it designs, finances, implements, and operates efficiency upgrades for clients, while being paid back from the energy savings achieved. The fresh capital strengthens its balance sheet for larger projects and multi-site rollouts, especially in energy-intensive segments like healthcare, hospitality, manufacturing, and data centres.
The company plans to invest in hiring engineering, project execution, and data science talent, as well as in developing advanced IoT and analytics capabilities on its proprietary digital platform to optimise building systems in real time.
Business model and impact
Founded with the goal of “eliminating energy waste, one building at a time,” Smart Joules typically retrofits existing facilities with high-efficiency chillers, pumps, controls, HVAC systems, and smart automation. It then monitors and manages these systems continuously using its software platform to sustain and improve savings.
Under its shared-savings model, customers face little to no upfront capex: Smart Joules finances the upgrades and recovers its investment from a share of the verified savings over the contract term. This structure makes deep efficiency retrofits financially attractive even for organisations with tight capital budgets.
Over the years, the company has implemented projects that have cut electricity consumption and greenhouse gas emissions significantly at client sites, while also reducing operating costs. Its work has been especially visible in hospitals, where more efficient cooling and ventilation systems directly improve patient comfort and reliability of critical services.
Expansion plans
With the new funding, Smart Joules is looking to:
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Enter more Tier-1 and Tier-2 cities to tap a wider base of commercial and industrial customers.
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Diversify into sectors such as malls, office parks, pharma manufacturing, food processing, and logistics infrastructure.
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Strengthen partnerships with equipment OEMs, utilities, and financial institutions to structure larger-scale performance contracts.
The company also aims to enhance its digital layer—using machine learning and advanced controls—to predict faults, optimise setpoints, and deliver granular transparency on energy usage to facility managers and CXOs.
Climate and policy context
India has set ambitious energy-efficiency and decarbonisation targets as part of its climate commitments, and demand-side management is seen as one of the fastest, cheapest ways to cut emissions. Yet a large share of buildings and industrial plants still run on outdated, inefficient systems due to capital constraints, lack of in-house expertise, and limited awareness of lifecycle cost savings.
Smart Joules’ model directly addresses these barriers by combining engineering, financing, and digital optimisation into a single service. The Series B raise positions the company to play a larger role in India’s clean energy transition, demonstrating how commercially viable efficiency projects can simultaneously cut costs, improve reliability, and reduce carbon footprints at scale.
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