Two Point O Capital has raised USD 10 million (nearly Rs 95 crore) in a Series A funding round led by Transition Venture Capital (TVC), according to a media report. Existing investor Omnivore and angel investors Chiranjeev Singh Saluja and Sudhir M. Reddy also participated in the round.
The company will allocate a significant portion of the fresh capital towards financing clean energy assets for its commercial and industrial (C&I) customers. Additionally, it plans to strengthen its technology infrastructure and expand its workforce. The latest fundraise follows its previous funding round in 2024, when the startup secured over USD 6 million through a combination of equity and debt.
Commenting on the funding gap, co-founder and CEO Karan Bhutani stated that substantial capital was flowing into utility-scale and grid-scale projects, while distributed and decentralised energy solutions for industries and commercial buildings continued to receive limited financial support.
Founded in 2024 by Bhutani, Archit Mehrotra, Manya Ranjan, and Shashidhar Reddy, Two Point O Capital provides financing, turnkey solutions, and equipment leasing across clean energy segments, including rooftop solar, battery energy storage systems (BESS), and wastewater treatment. Unlike traditional banks and non-banking financial companies (NBFCs), the startup focuses on financing smaller-scale projects.
Two Point O Capital operates as a full-stack clean energy enablement platform for C&I customers, offering solutions across rooftop solar, battery storage, energy efficiency, and wastewater treatment. Its rooftop solar installations serve commercial and industrial facilities, while its BESS solutions help businesses optimise energy consumption and manage peak power demand.
Furthermore, the startup provides energy efficiency upgrades for heating, cooling, and air compressor systems. Its wastewater treatment solutions focus on improving water treatment processes and resource utilisation across industrial facilities.
The company offers multiple financing models to address different customer requirements. It operates a wholly owned NBFC subsidiary responsible for loan disbursements, while a separate operating entity manages leasing and service-based offerings.
According to Bhutani, the startup has developed a proprietary underwriting engine that leverages technology to evaluate project specifications, technical performance, and customer credit profiles. This allows the company to deliver techno-commercial proposals to prospective customers within 24 to 48 hours, he added.
In addition to financing and deployment, Two Point O Capital monitors its assets throughout their operational lifecycle. Bhutani stated that all deployed assets are IoT-enabled, allowing the company to collect real-time data for preventive maintenance, performance optimisation and verification.
Rather than managing installation and maintenance directly, the startup works with original equipment manufacturers (OEMs) and engineering, procurement, and construction (EPC) partners to execute projects. It supervises these partners through technology-driven monitoring systems and contractual arrangements. According to Bhutani, this asset-light approach enables the company to expand its operations without directly handling project execution.
India’s clean technology market could reach USD 95 billion by 2034, according to IMARC Group. Against this backdrop, Two Point O Capital is targeting a specialised segment of the broader opportunity by combining lending technology with business-to-business (B2B) clean energy solutions.
To strengthen its market presence, the startup has prioritised onboarding large enterprise customers and introducing additional solutions to its existing client base. Bhutani stated that this strategy helps the company control customer acquisition costs while increasing the overall value generated from each customer relationship.
Two Point O claims to have onboarded approximately 25 to 30 large customers, including Premier Energies, Godrej, JK Tyre, Morepen Pharma, Wipro, and Phoenix Mills. Bhutani estimates that these existing relationships could generate transactions worth Rs 400 crore to Rs 500 crore over the next two to three years.
Moreover, the startup reported that its assets under management (AUM) increased 1.5 times sequentially in each of the last three quarters, indicating growing demand for its financing and clean energy solutions.
Looking ahead, Two Point O plans to expand into the small and medium enterprise (SME) segment while strengthening its presence across India. Over the next two years, the startup aims to build an AUM of USD 75 million to USD 100 million. It is also exploring opportunities in new sectors, including data centres, automotive, pharmaceuticals, manufacturing, and healthcare.
By combining financing, technology, and project execution, Two Point O is positioning itself to address the funding constraints affecting distributed clean energy adoption. Its multi-asset approach could help deepen relationships with existing enterprise customers, encourage cross-selling, and generate repeat business.
However, the company’s ability to scale across multiple asset classes will depend on effective underwriting, consistent asset performance, and strong oversight of its execution partners. Furthermore, its planned expansion into the SME segment could introduce additional challenges involving credit assessment, technology risks, and regulatory compliance.
Ultimately, Two Point O’s ability to translate its growing customer base and AUM into sustainable revenue and profitability will remain a key factor in determining its long-term growth prospects, particularly as it expands its portfolio and increases capital deployment.
