Startup Deep Dive : Loom Solar — million raised, a reported Rs 1,000 crore turnover

Loom Solar has disclosed just $2 million in outside funding across its eight-year life, yet the Faridabad manufacturer says its annual turnover crossed ₹1,000 crore (~$104 million at $1 ≈ ₹96.0 as of 18 September 2026, Trading Economics) as of June 2026. That is roughly seven times the ₹151.5 crore in revenue it reported for the year ending March 2024.

The gap between those two numbers is where this story lives. Two brothers who quit corporate jobs at Luminous and HomeShop18 built a direct-to-consumer solar panel brand out of Faridabad in 2018, when almost every Indian rooftop installer was still selling cheaper polycrystalline panels through a dealer, not a website. What they got right, what nearly stalled the company for three years after a big early win, and how thin the margin still is on every panel sold, is what the filings and the company’s own statements show.

Quick facts

What they do

Loom Solar designs, manufactures and sells solar panels (monocrystalline and bifacial “Shark” TOPCon and HJT modules), hybrid inverters under the Fusion line, and lithium battery energy storage systems under the CAML brand, aimed mainly at homeowners and small commercial buildings putting solar on their roofs, with a growing push into commercial and utility-scale projects. It sells directly to consumers through its own website, Amazon and Flipkart, alongside an offline network of distributors and channel partners, and it exports to international markets as well, out of manufacturing facilities in Faridabad and Palwal, Haryana.

The origin

Before Loom Solar existed, Amol Anand was a product manager at Luminous, working on the company’s solar and energy-storage business, and Amod Anand was at HomeShop18. Both are MBA graduates of IMT Ghaziabad. Working inside Luminous, Amol kept running into the same wall: customers who wanted solar panels for their homes couldn’t easily find good information about them, couldn’t find the products stocked anywhere near them, and were often being sold outdated polycrystalline technology dressed up as modern.

The brothers’ bet, when they incorporated Loom Solar Private Limited in Faridabad on 11 July 2018, was narrow and specific: sell monocrystalline panels, a more efficient but pricier technology that most Indian installers were skipping, directly to homeowners who had never bought solar before, rather than going through the traditional business-to-business, installer-led channel that dominated the market. At the time, roughly 98% of the country’s installed solar capacity ran on the cheaper polycrystalline cells the brothers were betting against.

The struggle years

The first setback was structural, not dramatic: nobody was searching for “Loom Solar.” Selling an unfamiliar, higher-priced product directly to first-time buyers meant competing for trust against Tata Power Solar, Luminous, Havells and Waaree, brands with decades of dealer relationships the founders didn’t have and a marketing budget they couldn’t match. Their answer was to become a content business first and a panel seller second: the company says it produced more than 500 videos in 2019 alone, viewed a claimed 25 million times, just to teach people what a solar panel was before it could sell them one.

The second setback had a harder edge. In August 2020, riding a run of 10x year-on-year growth since its 2018 launch, Loom Solar publicly set a target of ₹100 crore in revenue for FY21, a 300% jump in a single year, while acknowledging in the same breath that “the pandemic and lack of demand in the renewable segment” was working against it. The target was missed by a wide margin, and not just for one year: by FY23, three years on, Loom Solar’s revenue from operations stood at ₹53 crore, roughly half the number it had promised for FY21. The stall was long enough that it shows up not as a single bad quarter, but as a multi-year gap between a startup’s ambition and its regulatory filings.

The turning point

The moment that put Loom Solar on the map came in January 2020, when Amazon named it the “Fastest Growing SMB of the Year” at its Amazon Sambhav event. The award followed a jump in turnover from roughly ₹2.4 crore in FY18, the company’s founding year, to somewhere between ₹19.2 crore and ₹25 crore in FY19 — StartupTalky reports the lower figure, YourStory the higher one, and neither traces back to an audited filing, so both are worth naming. Either way, a company that had existed for barely eighteen months had gone from a two-person experiment to a number large enough for India’s biggest e-commerce platform to put a spotlight on it.

What changed on the other side of that recognition was ambition, not yet scale. Loom Solar used the momentum to talk about reaching 100 million customers digitally and building a network of 3,500 “solar entrepreneurs,” up from roughly 2,000 at the time, and to set the ₹100 crore FY21 target that the pandemic would go on to derail. The award bought attention; it didn’t buy immunity from what came next.

The money behind it

• 2018 to late 2022: bootstrapped, with no institutional capital on record for roughly the company’s first four and a half years.
• 17 January 2023: Loom Solar raised $2 million (~₹19.2 crore) in what is, on public record, its only outside funding round, led by Social Investment Managers and Advisors (SIMA).
• The money came through SIMA’s Energy Access Relief Fund (EARF), a vehicle backed by the World Bank Group, the US International Development Finance Corporation (DFC), British International Investment (BII), FMO Entrepreneurial Development Bank and the International Finance Corporation (IFC) — development-finance capital aimed at energy access, not a typical venture round.
• No priced equity round or company valuation has been disclosed in any filing or database checked for this piece.
• By its own account, the growth since then, including the run-up to a reported ₹1,000 crore-plus turnover, has been funded through “internal accruals and debt capital,” a point the company itself raised in June 2026 while describing the fundraising climate as “challenging.”

How it makes money

The model is direct-to-consumer hardware, not a marketplace or a subscription: Loom Solar sells panels, inverters and batteries straight to homeowners through its own website and via Amazon and Flipkart, cutting out the installer-led, quote-only sales process that most Indian solar buyers were used to. To get first-time buyers over the line, it layers on financing, typically a 20 to 30% down payment with the rest on EMI, along with free engineer site visits and solar-literacy training, cheaper substitutes for the trust that an established installer brand would normally provide. Alongside the online channel it runs an offline distributor and dealer network for reach into smaller towns, and it has started taking on commercial and utility-scale project work.

Where the margin actually sits is unglamorous. In FY24, cost of materials consumed came to ₹123 crore against ₹151.5 crore of revenue, a jump of 192.9% year-on-year, leaving an EBITDA margin of just 9.31%. That is the part people tend to get wrong about a company that markets itself with the language of a consumer D2C brand: the economics underneath are those of a capital- and materials-heavy manufacturer, where a swing in raw-material or freight cost matters more than any brand premium.

The numbers

Figures below are in ₹ crore. The FY19 row is a range because two outlets report different numbers and neither cites an audited source; FY23 and FY24 come from Registrar of Companies filings as reported by Entrackr; FY25 is the company’s own stated projection, not a filed result.

Beyond the filed numbers, Loom Solar said in June 2026 that its annual turnover had crossed ₹1,000 crore, alongside a workforce of “over 300 skilled professionals.” No profit figure or exact 12-month period accompanied that statement, and it has not yet shown up in a Registrar of Companies filing, so it sits alongside the audited numbers above rather than inside them.

Where the money comes from

• Product lines: solar modules (monocrystalline and bifacial “Shark” TOPCon and HJT panels), Fusion hybrid inverters, and CAML battery energy storage systems, all stated as designed and manufactured in India.
• Sales channels: direct-to-consumer online (own website, Amazon, Flipkart) alongside an offline network the company put at 15,000-plus channel partners and 500 distributors as of June 2026, up from a dealer network StartupTalky described as roughly 3,500-strong in 2020.
• Domestic reach: six regional warehouses, in Mumbai, Chennai, Kolkata, Lucknow and two in Faridabad, as of June 2026.
• Exports: sold into 11 countries as of June 2026, up from 10 countries across North America and Europe reported at the time of its January 2023 funding.
• Customer base: the company says it has served more than 100,000 customers cumulatively as of June 2026.
• The surprise: a brand built on small-ticket, direct-to-homeowner sales is now also chasing commercial and utility-scale project work, described as running up to 35 MW per project, a segment shift for which no separate revenue split has been published.

The risks

• No in-house cell manufacturing: the company itself has acknowledged it “lacks cell manufacturing setup,” leaving it dependent on imported solar cells at a time when India’s Approved List of Models and Manufacturers (ALMM) rules and a Directorate General of Trade Remedies recommendation of anti-dumping duty of up to 30% on Chinese solar cells are reshaping input costs and availability across the industry.
• Thin manufacturing margins: FY24 cost of materials consumed rose 192.9% year-on-year to ₹123 crore against ₹151.5 crore of revenue, leaving an EBITDA margin of only 9.31% and total expenses growing almost as fast as revenue, a base from which any raw-material or freight cost spike would compress profit quickly.
• A debt-funded scale-up with only $2 million of disclosed equity capital: the company says its growth to a reported ₹1,000 crore-plus turnover has relied on internal accruals and debt rather than fresh equity, in a fundraising environment it has itself called challenging, while listed peers such as Waaree Energies and Premier Energies, both of which listed on the NSE and BSE in 2024, compete for the same market with public capital behind them.

The takeaway

Loom Solar’s story is really a lesson about what a funding-light strategy costs and buys in a hardware business. Skipping the venture-capital route let the founders keep control and, on the numbers available, grow revenue nearly three-fold in a single fiscal year without answering to outside board members. But the same choice means there is no equity cushion sitting between the company and a bad quarter: with materials eating four-fifths of revenue and margins in single digits, a change in import duty, cell prices or credit terms lands directly on the founders’ own balance sheet, not a venture fund’s. Bootstrapped scale is real, but it is scale carried on the company’s own back, not insured by someone else’s capital.

Frequently asked questions

Who founded Loom Solar and when?

Brothers Amol Anand and Amod Anand founded Loom Solar, incorporating the company in Faridabad, Haryana on 11 July 2018, after leaving corporate roles at Luminous and HomeShop18 respectively.

What does Loom Solar manufacture and sell?

It makes monocrystalline and bifacial solar panels, hybrid inverters and lithium battery energy storage systems, sold mainly to homeowners and small commercial buildings through its website, Amazon, Flipkart and an offline distributor network, alongside larger commercial and utility-scale project work.

How much funding has Loom Solar raised, and from whom?

Its only disclosed outside funding is $2 million raised on 17 January 2023, led by Social Investment Managers and Advisors through its Energy Access Relief Fund, which is backed by the World Bank Group, the US DFC, British International Investment, FMO and IFC. It was bootstrapped for roughly its first four and a half years.

Is Loom Solar profitable, and what are its recent financial numbers?

Yes, on the last RoC-filing figures available: revenue of ₹151.5 crore and net profit of ₹9 crore in FY24, up from ₹53 crore revenue and ₹3 crore profit in FY23. The company separately says its annual turnover crossed ₹1,000 crore as of June 2026, though that figure is unaudited and company-stated.

Is Loom Solar listed on a stock exchange or planning an IPO?

No. Loom Solar remains a private limited company, and no IPO has been announced as of September 2026, unlike listed Indian solar manufacturers such as Waaree Energies and Premier Energies.

Sources

Figures are as of September 2026. Currency converted at $1 ≈ ₹96.0 as of 18 September 2026 (Trading Economics).

• Entrackr, “Loom Solar surpasses Rs 150 Cr revenue in FY24, profits triple,” March 2025
• SaurEnergy, “Loom Solar Crosses Rs 150 Cr Milestone in FY24, Profits Spike As Well,” March 2025
• SaurEnergy, “Loom Solar, India’s Perennial Solar Startup, Crosses Rs 1000 crore Milestone,” June 2026
• pv magazine India, “Loom Solar crosses INR 1,000 crore turnover milestone,” June 2026
• pv magazine India, “Loom Solar eyes Rs 100 crore turnover by FY21,” August 2020
• pv magazine India, “Loom Solar wins the ‘Fastest Growing SMB of the Year’ award at Amazon SMBhav 2020,” January 2020
• Inc42, “Loom Solar Raises Funding To Offer Green Energy Solutions,” January 2023
• YourStory, “In just a year, this company clocked Rs 25 Cr turnover, became Amazon’s ‘fastest-growing SMB’,” February 2020
• StartupTalky, “Loom Solar Success Story,” May 2024
• Zaubacorp, company registry record for Loom Solar Private Limited (CIN U31909HR2018PTC074935), accessed September 2026
• Tracxn, Loom Solar company and funding profile, accessed September 2026
• SaurEnergy, “DGTR Recommends Up to 30% Anti-Dumping Duties on Chinese Solar Cells,” October 2025
• Groww, “Waaree Energies IPO Listing” and market reporting on Premier Energies’ NSE/BSE listing, 2024

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