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Oorja, a leading provider of solar irrigation services and agricultural advisory for smallholder farmers in India, has successfully closed a US$1.5 million Pre-Series A funding round.
The funding round raised $1.2 million in equity from impact investors including Acumen, elea, a family trust advised by Artha Impact, Echoing Green Signal Fund, Partners Group through its employee-run impact investment association PG Impact, and 1to4 Foundation. Additionally, $300,000 was secured in non-dilutive funding from the Swiss Re Foundation. These new investments join Oorja’s existing support from Schneider Electric Energy Access Asia.
Oorja operates decentralized solar infrastructure at the farm level, offering affordable irrigation and milling services through an innovative Pay-Per-Use model. Since its inception in 2018, the company has provided smallholder farmers with year-round irrigation, enhanced crop yields, and increased incomes.
The new funding will support the deployment of agri-energy infrastructure for irrigation and milling, expand operations in both existing and new states, and launch a B2B2C vertical to deliver solar solutions to agribusinesses and SMEs. The grant from the Swiss Re Foundation will focus on delivering climate-smart advisory services, helping farmers diversify crops, reduce chemical use, and improve yields.
Oorja aims to deploy 10,000 agri-solar projects by the end of the decade, impacting 1 million people across the Global South. These projects are expected to prevent around 500,000 metric tons of CO2e emissions by replacing fossil fuels and fertilizers, thereby improving livelihoods and food security.
Amit Saraogi and Clementine Chambon, co-founders of Oorja, expressed their enthusiasm about the new funding, stating, “We are thrilled to have the support of esteemed impact investors aligned with our mission to decarbonize agriculture and prioritize the needs of smallholders. Their backing comes at a crucial moment as we scale up and move towards profitability. We look forward to leveraging their expertise and networks.”
Paraag Sabhlok, Associate Director at Acumen, commented, “Oorja’s Pay-Per-Use model addresses the challenges posed by climate change and the high costs of technology for smallholder farmers. We are confident that their approach will boost farm productivity and support a just energy transition by reducing reliance on diesel generators.”
Elodie de Warlincourt, Senior Portfolio Manager at the Swiss Re Foundation, added, “Oorja’s dual focus on climate adaptation and mitigation aligns with our objectives. We are impressed by their commitment to making solar power accessible to marginalized farmers and ensuring that solar assets are effectively maintained. We are proud to support their efforts to enhance advisory services and help farmers adapt to climate change.” |
