Loom Solar Startup - Optimizing Solar Energy and Efficiency through Innovation
Loom Solar is a manufacturer of Lithium batteries and solar panels. Its founders are Amol Anand and Amod Anand. The startup is bootstrapped and raked in revenue of Rs. 30 crores in 2020. They just launched India’s most efficient solar panels - the Shark series.
Loom solar is an online retailer and manufacturer of solar equipment to clean energy as an alternative to fossil fuels. The reality of solar energy usage is far from satisfactory, however. It offers its products, solar panels and lithium batteries across India and delivers globally too. Loom Solar enables thousands of households to address the global sustainability agenda with clean, renewable energy. Their recent innovation, the Shark series, revolutionizes the efficiency and infrastructure of solar panels in residential housing. The company is aiming for a target of 120-Million-unit (kWH) power generation, resulting in a 40,000-ton reduction in Carbon dioxide emissions, equivalent to planting 1540000+ trees.
Fun Fact: - Loom Solar created the new “Shark” series, which is 20-30% higher than anything in the industry at present.
Loom Solar: Key Points
- Legal Name - Loom Solar Pvt. Ltd.
- CIN - U31909HR2018PTC074935
- Founded - July 11, 2018
- Founders - Amol Anand and Amod Anand
- Headquarters - Faridabad, Haryana, India
- Industry - Solar Energy/ Technology
- Funding - Bootstrapped
- Revenue - Rs. 30 Crore (2020)
- Company Type - Privately Held; For Profit
- Website - www.loomsolar.com
Loom Solar : Founder(s) — Amol & Amod Anand
Amol Anand and Amod Anand are alumni of the Institute of Management Technology at Ghaziabad, receiving their Masters in Business Administration; and co-founded Loom Solar in 2018. Amol Anand supervises the Marketing and Sales division of the company, while Amod manages the Finance and Operations.
Loom Solar: Features
- End-to-end solutions
- Free delivery across India within seven days
- Free replacements within seven days
- Learn Solar - Programme/ initiative for those who want to learn about residential solar systems.
- 20-30% more efficient than anything else in the current market
Loom Solar : Business Model
Loom Solar advertises mainly through Google, YouTube, and informative sites that redirect to the website. The company has close to a million customers so far and credits these marketing strategies. Loom Solar collaborates with solar brands with their infrastructure and personnel in each state and receives a 15% commission on distribution and sales. Their business model is direct sales.
Loom Solar : The Shark Series
The Shark Series - Shark 440 W– Mono PERC and Shark Bi-facial 440-530 W — are up to 30% more efficient than anything else in the current market, and the Bi-facial uses both sides to generate power, meaning they utilize 30% less rooftop space. This is beneficial for high-rise apartments and households with limited space.
Loom Solar : Competitors
- Solar Wholesaler
- ZunRoof
- Oorjan Cleantech
- SunAlpha
- Exchange4Solar
- SolarMango
- India Go Solar
- Tata Power Solar
- Luminous
- Havells
Fun Fact : Loom Solar’s old Mono-PERC panels were 20% more effective and efficient than Polycrystalline panels, and then the rest of the industry began similar production.
Loom Solar : Achievements
- Franchise India: Energy business of the year at Small Business Awards in 2021
- 2020 Amazon Sambhav Fastest-Growing SMB of the Year
- 11th Annual 2019 Golden Bridge Business and Innovation Awards - Gold
- 11th Annual 2019 Golden Bridge Business and Innovation Awards - Silver
Loom Solar : Funding & Revenue
Notably, Loom Solar announced they had no plans to receive funding or investments until they reached a target revenue of Rs. 16 crores in 2019. Their revenue in 2018 was Rs. 2.8 crore, and it grew to Rs. 19.2 crore in 2019, which reached their target revenue. In 2020, their revenue stood at Rs. 30 crores. They currently aim for Rs 100 crore turn-over by FY2021, a 300% increase from 2020. Their average revenue growth has increased 10x every year since their incorporation.
Loom Solar : Challenges
- COVID-19: Coronavirus caused demand to drop to 70% as the lockdown(s) halted domestic sales in retail shops. Amol Anand noted that small scale manufacturers faced challenges, worst of all, Financial liquidity, while large scale manufacturers had prior orders for construction companies and weren’t as impacted.
- Import Duty: The safeguarding duty on raw material imports expired on July 30, and the replacement customs levy only kicks in next April. Manufacturers worry that importers will then swamp the market with cheap, low-cost modules.
Loom Solar : Future Plans & Vision
- Loom Solar’s current manufacturing capacity is 3.5 + lakh panels. However, they aim to increase that figure in the coming years.
- The company aims to become an industry leader by 2025, with a revenue share of 10 to 15% in a 5000-crore commercial and residential solar market.
- They recently invested $100 million in their manufacturing facility to bring about innovation.
Loom Solar – The Process to Green Energy
There are two types of products available in the market: Polycrystalline panels and Super High-Efficiency panels. Loom Solar introduced the Mono-PERC High-Efficiency panels, which generate power even in cloudy weather and low sunlight. A customer connects with Loom Solar’s call center through the website. The company then sends personnel to the site of the client’s choosing to understand the requirements and helps them choose the correct product for their needs. The products are then delivered and installed.