This Startup Raises $10M to Help Companies Switch to Clean Energy

Gurugram-based Two Point O Capital has raised $10 Mn (~₹95 Cr) in a Series A round led by Transition Venture Capital, with existing backer Omnivore and two angel investors also writing cheques.

The more interesting number here isn’t the $10 Mn it’s what the startup is aiming to build with it: an asset book of $75-100 Mn within a couple of years. That’s up to 10x the fresh equity raised, which only makes sense if most of that book gets built on leveraged debt, not equity capital alone.

This matters because it points to a structural truth about India’s clean energy market: capital keeps flowing to massive utility-scale solar and wind projects, while small and mid-sized factories wanting rooftop solar or battery storage remain financially underserved.

The Details

• Round size $10 Mn (~₹95 Cr), Series A
• Lead investor Transition Venture Capital
• Also participating Omnivore (existing investor), angel investors Chiranjeev Singh Saluja and Sudhir M Reddy
• Previous round $6+ Mn in 2024, via a mix of equity and debt
• Implied jump This round is roughly 1.6x the size of its last raise notable given it’s barely two years since founding
• Founded 2024, by Karan Bhutani (CEO), Archit Mehrotra, Manya Ranjan and Shashidhar Reddy

Financing the Factories Banks Won’t Touch

Two Point O builds and finances clean energy assets rooftop solar, battery storage systems, wastewater treatment for commercial and industrial (C&I) customers.

Traditional banks and NBFCs typically chase large, utility-scale renewable projects. Smaller factories and commercial buildings wanting the same shift often get ignored.

Two Point O’s pitch is to combine financing, technology and project execution on one platform, instead of forcing a business to coordinate a lender, an equipment vendor and an installer separately.

Where the New Capital Actually Goes

Most of the $10 Mn will go toward financing clean energy assets directly for C&I customers effectively the company’s core lending book. The remainder funds tech development and hiring.

The startup’s roadmap is aggressive: enter the SME segment, expand its India footprint, and push into new sectors like data centres, automotive, pharmaceuticals and manufacturing.

That data centre push is timely India’s data centre buildout is accelerating, and power-hungry facilities are increasingly expected to show clean energy commitments.

What the $10 Mn Doesn’t Fully Explain

A $75-100 Mn AUM target on a $10 Mn equity raise means Two Point O is betting heavily on debt leverage borrowing against its own loan book to fund customer projects, a model that works well until defaults rise or credit markets tighten.

This is the same structural risk every asset-financing NBFC faces, and Two Point O is young enough that its default/repayment track record across rooftop solar and BESS projects is still unproven at scale.

The diversification into new sectors is smart on paper, but spreading into data centres, pharma and automotives simultaneously, while barely two years old, is also a lot of surface area to manage well.

The Bottom Line

The real test for Two Point O isn’t raising the next round it’s whether its debt-funded asset book holds up once hundreds of small projects are generating (or defaulting on) real repayments.