Two Point O raises $10 Mn Series A for clean energy financing
Two Point O Capital has raised $10 Mn (nearly ₹95 Cr) in a Series A round led by Transition Venture Capital (TVC). Existing backer Omnivore and angel investors Chiranjeev Singh Saluja and Sudhir M Reddy also participated.
The round comes two years after the startup raised over $6 Mn, through a mix of equity and debt, in 2024.
Two Point O provides financing, turnkey solutions and equipment leasing to commercial and industrial customers. Its offerings cover rooftop solar, battery energy storage systems, energy efficiency upgrades and wastewater treatment.
It runs a wholly-owned NBFC subsidiary that handles loan disbursals, while a separate operating entity serves lease and service-based requirements. The startup does not install or maintain assets itself. It relies on original equipment manufacturers and EPC partners for execution, and oversees them through technology and contracts.
The company says its underwriting engine assesses a project’s technical specifications, performance and credit profile, which lets it send a client a proposal within 24 to 48 hours. Deployed assets are IoT-enabled, with real-time data used for maintenance and verification.
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Much of the capital entering India’s clean energy transition is flowing into utility-scale projects, while smaller installations across factories, commercial buildings and industrial facilities continue to face a financing gap, even where the technology is commercially viable and can lower operating costs.
Two Point O says it is focused on smaller-scale projects than traditional banks and NBFCs. IMARC Group estimates India’s clean tech market could become a $95 Bn opportunity by 2034, and Two Point O is eyeing a much smaller piece of it.
The startup says it has onboarded around 25-30 large customers, including Premier Energies, Godrej, JK Tyre, Morepen Pharma, Wipro and Phoenix Mills. It says its assets under management grew 1.5X sequentially in each of the last three quarters.
A major share of the new capital will go towards financing clean energy assets for its commercial and industrial customers, with the rest directed at its tech stack and hiring. It also plans to enter the SME segment, expand across India and build assets under management of $75 Mn to $100 Mn over the next couple of years.
”There was a lot of capital that was getting pumped into utility-scale, grid-scale projects. But there wasn’t enough capital inflows into the distributed or decentralised energy projects, to put it simply, for industries and buildings,” cofounder and CEO Karan Bhutani said.
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