Latest News | Loom Solar Eyes Rs 100 Cr Turnover by FY21

New Delhi, Aug 25 (PTI) Solar panel and module maker Loom Solar on Tuesday said it is eyeing Rs 100 crore turnover by FY2021.

The company is also targeting over 10 million customers digitally by the end of FY2021, it said in a statement.

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Loom Solar, one of India's leading manufacturer of monocrystalline solar panels and AC Module, has witnessed consistent growth over the past one year, it added.

The company targets to generate a revenue of over 100 crore by the end of FY 2021, which will be a 300 per cent increase within a year, the statement said.

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Despite the pandemic and lack of demand in the renewable segment, Loom Solar has continued to grow and received consistent inquiries and demand from across India, it noted.

Since its inception, Loom Solar has raised the average revenue growth by 10X year-on-year.

The company's business is operated as a commerce model with manufacturing high-end solar products available for sales to the consumer through online sales and distribution as well as offline model.

Loom Solar has a vast network spread across India and aims to engage and create over 1,500 entrepreneurs this year to achieve a total of 3,500.

It has installed 10,000 kW solar power in 20,000 Indian homes and aims to become India's most popular brand by 2021 by reaching 100 million customers.

Loom solar is holding 2-3 per cent share in the residential solar market segment, which is estimated at nearly 1,000 crore at present.

"We want to achieve a target of 120-Million-unit (kWH) power which will be generated from solar panels to result in 40,000 tonnes reduction in (CO2) Carbon dioxide emission. This generation is equivalent to planting 15,40,000 trees over the lifetime," Loom Solar Co-Founder and Director Amol Anand said in the statement.

(The above story is verified and authored by Press Trust of India (PTI) staff. PTI, India’s premier news agency, employs more than 400 journalists and 500 stringers to cover almost every district and small town in India.. The views appearing in the above post do not reflect the opinions of LatestLY)