Electricity solution for home owners
1. The year your business was founded?
Ans. 11th July 2018
Ans. Faridabad B-949 Green field colony
3. Your business turnover
Ans. 25 Cr. In Financial year 2018-19
4. Who are the founders?
Ans. Amol Anand (Ex-Luminous) & Amod Anand (Ex-Network18)
5. What is the business?
Ans. Solar panel manufactures & seller. Loom Solar is India’s Leading startup in energy sector that aims to become India’s most popular brand in solar by 2020 by reaching 100 Mn Customers across India.
6. Background and age of the founders?
Ans. Amol Anand (Ex-Luminous) – Before the start-up Amol worked with multiple companies like Luminous as Head of Product Marketing. He also worked with BPTP limited MTS Sistema Shyam Teleservices Ltd. Reliance communications
Amod Anand (Ex-Network18) – Before the start-up Amod worked with Homeshop18 as Sr. Manager BD. Bharti Airtel as Sr. Product Manager & Reliance Communications.
7. How was it started?
Ans. We started www.loomsolar.com in FY 2018, keeping in mind that we would provide solar energy in each residential home in rural and urban part of India that will be environment friendly, save electricity bill and will offer electricity 24×7. Working hard towards making a sustainable and scalable business in renewable energy (solar) sector. Doing all this, we are targeting sales of Rs. 100 crore by 2020.
8. How did the company diversify into so many categories?
Ans. Product diversification is a strategy employed by a company to increase profitability and achieve higher sales volume from new products. Diversification can occur at the business level or at the corporate level.
Business-level product diversification – Expanding into a new segment of an industry that the company is already operating in.
Corporate-level product diversification – Expanding into a new industry that is beyond the scope of the company’s current business unit.
9. How are you using digital in your business journey?
Ans. For a new start-up like us reaching consumers was difficult, we started using digital medium such as google and you tube to write content on benefits of solar panel to help environment, we started creating videos too on benefits and how to install solar panels at home. In 2019, we and with our associates created 500 videos and it has been seen by 25 million users across the world. In terms of brand search, 30,000 people searches about Loom Solar every month on google.
10. What are the key milestones in your journey?
Ans. First milestone was Golden bridge award given by USA & Second is Amazon Smbhav Award because of these people started recognizing us.
11. How did you raise investment?
Ans. It’s a customer funded company and we never approached any investor neither we are looking for the investments as our goal is clear and we are very much focused to achieve it.
12. What is the market size of your sector and how are you differentiating from the competition?
Ans. The country’s solar installed capacity reached 33.730 GW as of 31 December 2019. India has the lowest capital cost per MW globally to install solar power plants. The Indian government had an initial target of 20 GW capacity for 2022, which was achieved four years ahead of schedule. Loom Solar is the market leader in roof top segment. Our focus is end customer & Till now Loom Solar installed —KW solar panels across India. Till 2022 this will be increase – KW.
13. What has been the impact of your work on the customers and society?
Ans. We are providing pollution free electricity solution & it supports the environment. In onetime investment the customer get a long time solution. We are making people self-dependent for their electricity requirements. The ordinary sources are limited as the thermal & Cole will finish soon but the sun is sustainable source of energy. By the time the dependency will increase on solar and we are aware about this fact. So we are also educating the society about this.
14. Your challenges in terms of sustaining and growing the business?
Ans. In the market there were big players available but although we get the courage and started our business with scratch. There was no such big money in hand that time & it was too difficult to make presence in same market where Tata Adani waree & Vikram are already cutting their size. We take it as a challenge and started installing the rooftop panels in residential segment. Now as compared with last year the growth is almost 4 time high.
15. What is your advice to people who want to set up their business in the same sector?
Ans. When we started that time we had no dealer distributors and it was a big concern for us because when you want to grow your business across the country you have to have the dealer distributors or partners. So we approached the ordinary people to become our distributors and many of them agreed. So we can say we gave the opportunity to become entrepreneurs. It was a risk to make unprofessional distributors but we got the success as they have also grown by the time and today they are running their distribution successfully.