Surya Power Magic gets funding worth $500,000

Bangalore: Surya PowerMagic Pvt. Ltd, a solar power irrigation pump maker, on Wednesday said it has raised nearly $500,000 from angel investor fund Intellecap Impact Investment Network and Infuse Ventures, a fund focused on clean technology set up by the Indian Institute of Management, Ahmedabad.

The company said it would spend the money on strengthening its second line of management and improving research and development, apart from marketing and business development over the next 18 to 24 months.

Founded by Abhilash Thirupathy and Karthic Ravindranath in 2012, the company also helps in distribution and finance of solar products across the country.

“We are confident that Surya’s unique tripartite partnership-based model for distribution and financing will enable the company to grow rapidly,” Intellecap said in a statement.

“Apart from financing, these angel investors can add tremendous value across the value chain for us. We are excited to have these investors on board, and look forward to getting their guidance in scaling up our operations,” Abhilash Thirupathy said in the statement.

Surya Power Magic makes affordable solar water pumps for farmers to help with irrigation. So far, Surya Power Magic has installed over 25 water pumps in Tamil Nadu.