Loom Solar, one of India’s leading manufacturer of Mono crystalline solar panels and AC Module has witnessed consistent growth over the past one year and targets to generate a revenue of over 100 crores by the end of FY 2021 which will be a 300% increase within a year. Despite the pandemic and lack of demand in the renewable segment, Loom Solar has continued to grow and has received consistent inquiries, and demand for the product, across India.
Since its inception, Loom Solar has successfully raised the average revenue growth by 10X y-o-y and projects to go over 300% by 2021. A winner of Fastest Growing SMB of the year 2020 – Amazon Sambhav, Loom Solar has an army of 2,000 solar entrepreneurs working pan India.
The company’s business is operated as a commerce model with manufacturing high-end solar products available for sales to the consumer through online sales and distribution as well as offline model. Loom Solar has a vast network spread across India and 2000 entrepreneurs, Loom Solar aims to engage and create over 1500 more entrepreneurs this year, to achieve a total of 3500.
Company’s in-house manufacturing, R&D and warehousing is in Faridabad and Sonipat and recently in August 2020, we have also expanded our warehousing capacity from 2,500 sq feet to 10,000 sq feet. This strategic expansion in the Indian market has scalable potential which was necessary for the company’s anticipated growth in the longer term. Loom Solar is growing at a fast pace, the company has witnessed a steady increase in demand and is experiencing a growth of 300% this year. Keeping this exponential growth pattern, the company is targeting revenue of 100 Cr. by the end of FY 2021.
Loom Solar has installed 10,000 kW solar power in 20,000 Indian homes since its inception and aims to become India’s most popular brand by 2021 by reaching 100 Mn + Customers. Talking about the segment – Loom solar is holding 2-3% market share in the Residential solar market segment which is estimated nearly 1,000 crores, at present.
Elated with the growth and success of the company in India, Mr. Amol Anand, Co-Founder and Director, Loom Solar, said; “Through its consistent efforts, Loom Solar aims to transform the ideology on Solar panels and aims to reach every household. It is our mission to create solar panels as a part of home solutions in India. We strongly believe in the power of human touch & its intervention to create revolutions, thus, with an initiative to care about the environment, in our entire journey of close to two glorious years. We want to achieve a target of 120-Million-unit (kWH) power which will be generated from solar panels to result in 40,000 tonnes reduction in (CO2) Carbon dioxide emission. This generation is equivalent to planting 15,40,000 trees over the lifetime.”
“Solar is a new, inspiring and exciting technology for a homeowner, it is expensive, it impacts the aesthetics of a home, and very few people have installed solar panel so far on their rooftop. Hence adoption is low, but as we are making solar simple, digital, and affordable. The installation base is increasing. At present, South and East India contributes about 60% of the revenue and balance 40% comes from North and West Indian states. The major contributor to the revenue are states such as Tamil Nadu, Kerala, West Bengal, Odisha UP Punjab, Maharashtra and Rajasthan” added Amol Anand.
Along with financial growth and expansion across the country to keep it retained and sustainable and strong, Loom Solar has partnered with Enphase – world’s leading micro inverter company based out of USA. Through this partnership, Loom Solar launches India’s first IoT based Solar AC module. To provide Solar panels on easy EMI, it has partnered with Bajaj Finserv. Also partnered with Blue Dart, a logistic company for faster, and safe delivery of products during the pandemic. Through these partnerships, Loom Solar delivery shall be available on 19,000 PIN codes across India.