Cleantech startup GIBSS has raised a Series A investment of undisclosed amount from Zurich based responsAbility Investments and Infuse Ventures.
Raised investment will be used for product development and research in geothermal solutions for greater commercial viability.
Founded in 2010 by Arun Shenoy and Mandar Kaprekar, the Mumbai based startup provides geothermal air conditioning solution to 400 buildings across sectors in India, reducing their operating expenses by 70 per cent. The company presently is working with clients such as JSW, Cipla, Daimler, ISB, Godrej, Fortis and others as reported by ET.
Mandar Kaprekar, Co-Founder of GIBSS said, “With 100 per cent water savings and up to 60 per cent energy savings compared to traditional air-conditioning and industrial process cooling systems, geothermal technology remains the most attractive prospect for significant life-cycle operating savings across building verticals.”
In June 2015, the startup had received a grant from the Seed Capital Assistance Facility implemented through United Nations Environment Program. It got investment from of 2.5 crore from TiE and Hyderabad-based Sri Capitals, headed by Sashi Reddy.
In June 2015, another cleantech startup Ather Energy raised an investment of $12 million from Tiger Global. the startup is into designing of electric two wheeler.