ONergy Solar receives CSR funding from Bajaj Electricals through CIIE
ONergy Solar (Punam Energy Private Limited), a Kolkata-based startup, is one of the leading social enterprise in India that provides reliable and affordable clean energy products for solar lighting, cooking, and electrification by setting up energy distribution and service networks to underserved households and institutions across East India. It has recently raised a syndicated round of funding with participation from IIM Ahmedabad’s Centre for Innovation Incubation and Entrepreneurship (CIIE) through a CSR contribution, and a global investor. The CSR contribution came from Bajaj Electricals Limited for which they partnered with CIIE for a strategic engagement to actively support the startup.
Bajaj Electricals Limited, a part of Bajaj Group, is a consumer durables (brown goods) and electrical manufacturing company. With diversified interests in lighting, luminaries, appliances, engineering and special projects, Bajaj Electricals aims to help ONergy Solar in innovative, disruptive and scalable schemes.
Further information about the deal can be accessed from here.
About CSR funding through business incubators:
Schedule VII of the Companies Act, 2013 notified that ‘funds contributed to technology incubators within academic institutions’ are a valid activity for CSR support by corporates. The objective is to help India’s promising entrepreneurs set up innovative, disruptive and scalable ventures. This prospect of funding from CSR has great potential and apart from access to CSR funds, this will stimulate relations between industry and incubators to support many successful start-ups.