The funding will be used primarily for product enhancement and to expand operations in Bangalore and Mumbai
With the current customer base largely centred in Delhi-NCR and a few customers in Bangalore, the company plans to expand further in Bangalore, besides Mumbai, over the next two-three months. It will also ramp up teams across technology, product and sales verticals.
The firm previously raised US$200,000 from a group of angel investors, led by Rahul Khanna of Trifecta Capital, Rajan Anandan of Google India and Snapdeal Co-founders Kunal Bahl and Rohit Bansal.
“The additional money can now be used to expand the customer base and deliver additional value from the product in an automated fashion. We are aiming to achieve an ARR (annualised recurring revenue) of US$1 million over the next nine-12 months,” said Rahul Bhalla, Co-founder and CEO of Zenatix.
Zenatix was co-founded in December 2013 by Rahul Bhalla, Vishal Bansal and Amarjeet Singh. It provides a cloud-based energy analytics product that helps large consumers reduce their electricity spend by at least 10 per cent, using intelligence from the energy data correlated with other factors including temperature, humidity and occupancy.
Currently, the company is focused on commercial customers, including large office spaces, retail chains, banks, hospitals, hotels and educational institutions. It claims to have more than 45 paying customers that include Google, Tata Teleservices, NIIT, Glaxo SmithKline, Xerox, Mother Dairy and Starbucks.
“We have a SaaS-based engagement model — the customer doesn’t pay upfront for the hardware or software. It is a fixed monthly or annual fee and the energy savings delivered by our analytics solution far outweigh our fee. Typically, the customers become cash-flow positive by a significant amount from month two onwards, ” said Bhalla.
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