Online Marketplace Glowship.com Focussed on the Energy and Environment Category Raises Investment From Infuse Ventures

Bangalore, August 23, 2015 (Newswire.com) - ​Infuse Ventures, India’s top sustainability and clean technology fund backed by IIMA, CIIE, Government of India’s Ministry of New and Renewable Energy (MNRE) and Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank, has announced an undisclosed amount of investment in Glowship.com, an online marketplace platform for energy and environment related products, solutions & services.

Launched in 2015, the Glowship marketplace platform aims to provide consumers an access to a wide range of reliable products and solutions in the energy and environment category while simplifying and assuring the purchase through its customized platform.

“A residential homeowner has multiple needs ranging from heating, pumping, back-up power, home automation, energy management and potentially even energy generation, given the falling costs of solar energy. While there is a plethora of options available, there is friction in the current buying experience given the lack of standardized advice or information and assurance in the purchase process. Glowship seeks to address the friction by offering consumers the convenience of a single platform with a wide range of reliable offerings, enabling consumers to make a purchase most suited to their requirements and providing an end-to-end service in partnership with manufacturers or their authorized resellers and through its proprietary asset management platform that will be launched soon”, says Srinivas Potukuchi, founder of Glowship, alumnus of IIT Madras and Stanford Graduate School of Business.  

Besides Infuse ventures, the current round of funding has also seen participation from professionals in the clean energy sector. The funding will be used to expand the team, build out the technology platform and expand into other geographies. Says Srinivas “We are excited about the association with Infuse ventures as it validates the need for a scalable go-to-market channel that enables access to both existing and future innovative products and solutions that will be launched in this sector,”

‘We at Infuse Ventures are excited to partner with Srinivas on the Glowship initiative to build a dedicated platform enabling and empowering consumers to make well-informed decisions on a whole range of energy and environment related products and services said Shyam Menon, Investment Director, Infuse Ventures.

IIMA-CIIE’s fund Infuse has been investing actively in the cleantech sector and its investments includes energy-management startup Ecolibrium Energy, Geothermal HVAC focussed startup GIBSS, thermal-energy storage startup Tessol, renewable energy services startup REConnect and solar-pumping startup SuryaPowerMagic among others.

About Glowship.com (http://www.glowship.com/​)

Glowship.com is a unique, first of its kind marketplace for energy and environment related products, solutions and services. Glowship simplifies the purchase experience in this category by offering consumers a wide range of options from leading brands, the convenience of consolidating their purchases on a customized platform, providing information and tools to help with product selection and provide post purchase support through an asset management platform that will be launched shortly. Glowship partners directly with manufacturers or their authorized sellers and is continuously expanding its reach, selection & offerings to become the marketplace of choice in the energy & environment category.

About IIMA-CIIE’s Infuse Ventures

Set-up by IIMA’s Centre for Innovation Incubation and Entrepreneurship, Infuse Ventures is sustainability and energy focussed early-stage and incubation fund supporting entrepreneurs across renewables, resource efficiency and other sustainability domains. Infuse Ventures is backed by Government of India’s Ministry of New and Renewable Energy (MNRE) and Technology Development Board, IFC, BP, Godrej Industries, ICICI Bank, SIDBI, Bank of India and Union Bank. CIIE also operates India’s only cleantech focussed accelerator and has recently grant-seeded several startups in the cleantech sector too.