Know How Loom Solar became the Leading Solar Panel Company
đź“„Company Profiles
Company Profile is an initiative by StartupTalky to publish verified information on different startups and organizations. The content in this post has been approved by Loom Solar.
As a developing country, India is facing many challenges, and no electricity supply for 24x7 is the biggest challenge for the government. With the introduction of new renewable solar energy, it has become easy to “Generate and own your electricity”. This energy is now affordable and compared to any other energy source and it's green, clean, and sustainable.
Loom Solar is India's leading solar panel company founded by the Brother duo Amol and Amod Anand. Let's get a glance at Loom Solar Success Story, Business Model, Products offered, Revenue, Growth, Startup Idea, and more...
Loom Solar - Company Highlights
| Startup Name | Loom Solar |
|---|---|
| Founders | Amod Anand, Amol Anand |
| Founded | 2018 |
| Headquarter | Faridabad |
| Sector | Solar Industry |
| Website | loomsolar.com |
Loom Solar - About and Vision
Loom Solar - Founders and Team
Loom Solar - Products and USP
Loom Solar - Market/Industry Details
Loom Solar - Startup Idea
Loom Solar - Name and Logo
Loom Solar - Business Model and Revenue Model
Loom Solar - Revenue
Loom Solar - Startup Launch and Customer Acquisition
Loom Solar - Startup Challenges
Loom Solar - Marketing Strategy
Loom Solar - Funding
Loom Solar - Competitors
Tools used by Loom Solar to run Business
Loom Solar - Achievements and Recognition
Loom Solar - Growth and Future Plans
Loom Solar - FAQs
Loom Solar - About and Vision
Loom Solar is India’s No.1 leading solar company based in Faridabad, Haryana. It was Started in 2018. The company is well-known for its clean energy field. It is an ISO 9001:2015-certified company and a government-recognized startup in India. Loom Solar specializes in the manufacture of high-quality solar panels, inverters, batteries, and related solar products for the residential, commercial, and industrial sectors. Their products are known for their durability, quality, performance, and latest technology. The company has an extensive network of dealers and distributors spanning 500 districts in India and 3,500 dealers. Supported by a team of 100 employees, the company operates two offices and a single manufacturing unit.
Loom Solar's Vision: To become the most popular and trusted brand in solar by 2025.
Loom Solar - Founders and Team
Brothers duo Amol Anand and Amod Anand are the Founders of Loom Solar.
Amol and Amod worked in corporate for almost 10 years. Thus, they have celar understanding and experience on business dynamics like how business process works, how to launch a product or how to do digitial marketing.
Amol Anand (Co-founder, Loom Solar)
Amol Anand is passionate professional worked in multiple MNC and Industries such as Telecom, Real Estate and Home Electrical companies before starting up the start-up LOOM SOLAR. He is a learner and MBA Graduate and from IMT Ghaziabad, He looks after Sales and marketing Division at Loom Solar
Amod Anand (Co-founder, Loom Solar)
Amod Anand is a MBA graduate from IMT Ghaziabad and has worked in Diversified role at in across Telecom and e-Commerce across multiple MNC, he spent more than 5 years in Bharti airtel building up the Mobile business. He Looks after Finance and Operations at Loom Solar.
Working Culture of Loom Solar:
Loom Solar is managed by professional leaders who have immense experience and expertise in this domain. The company looks forward to hire builders who can build a full-proof system, process, and team that can sustain for the next 25 years.
A detailed journey for all the reader
When Amol used to work at Luminous Technology Private Limited, he found that people were not much aware of solar energy. When Amol investigated it, he noticed three major problems with the use of solar energy in the country.
People don’t have much knowledge about solar energy.
Solar products were not available much.
Solar technology was outdated.
To aware people more about solar energy, both brothers duo started their company known as Loom Solar. It was founded in 2018 and started with the idea of providing a power supply to everyone.
Since the start of the company, Loom Solar has achieved recognition and awards.
• Golden Bridge Awards 2019
• Amazon Smbhav 2020
• Startup of the Year 2021
• Energy Business of the Year 2021
• Tie-Lumis Award 2022
• e4m D2C Award 2022
• Red Herring Award 2022
Rishita Jain
Loom Solar - Products and USP
Products – there are two types of solar panels in the existing market.
1) Poly crystalline panels – traditional technology, lower efficiency, bigger size and every company was selling it.
2) Super High efficiency panels – Latest technology, higher efficiency and compact size (none of companies were focused)
Loom Solar introduced Super high efficiency solar panels to differentiate itself in the Indian market form its competition. Across the globe Poly crystalline technology is widely used (98%) and only (2%) brand use Mono crystalline panels.
Super high efficiency panels generates power in cloudy weather too, under low sun light too and efficiency of power generation is more than 20% from old technology (poly)
How does the Loom Solar Product work?
Once the solar panels are installed at the rooftop of house, it starts generating DC electricity. Then, with the help of inverter the electricity is fed to home. If, it gets excess then it is fed to discoms.
Loom Solar USP-
- High Efficient advance technology : In India, more than 95% installation is done using poly crystalline technology. In Year 2018, Loom Solar was the first company who introduced 340 W mono crystalline panel in Indian Market and later on upgraded to 375 W.
- Due to intense competition in the market, all major player launched this mono panel module.
- Again LOOM SOLAR launched new technology based high efficient shark module 430 watt in year 2021.
- Due to Advance Product Features, Design, Capacity and high efficiency, this product is unique and not available in Indian Market
- Loom Solar is available on all platform offline (Channel Sales), online (amazon/flipkart/loomsolar) and GEM Portal
- Loom Solar offers solutions to customer instead of product components.
Loom Solar - Market/Industry Details
- Loom Solar Industry: Solar Energy
- Target Market Size: 1,00,000 Cr in the year 2020 (Government has set a target to achieve 40 GW by the year 2022)
- As per Mordor Intelligence Report, The Indian solar power market is expected to grow at a CAGR of more than 40% during the period 2020-2025.
- According to IRENA, India had a total installed capacity of more than 34 GW of solar PV. Moreover, India is endowed with a very vast solar energy potential. The average solar radiation incident over the land is in the range of 4-7 kWh per day. Solar power played an almost non-existent role in the Indian energy mix until 2007.
- Solar energy is becoming inexpensive in comparison to other conventional energy sources due to innovations in the solar sector.
Aditi Chawda
Loom Solar - Startup Idea
The idea of Loom Solar striked to Amol while working at Luminous Power Technology as the product manager. He realized that solar energy and its benefits are far more than he imagined. After doing intense research on government policy, target, and current status in India, the brother duo found an untapped opportunity in the market i.e. 'Nobody started this on a large scale for the residential market'. Thus, Loom Solar was idealized.
For any company to start up, there are 3 things:
- Differentiating product
- Reach – Distribution
- Brand power
Loom Solar introduced Super high-efficiency solar panels to differentiate itself in the Indian market from their competition. Across the globe Polycrystalline technology was widely used (98%) and only (2%) of brands use mono-crystalline panels.
Distribution: Loom Solar focused on large buildings in digital and offline channels; It started operations across India with a focus on making products available near to customers. The strategy to deliver products across India including villages in 3 days helped make its offline distribution and logistics strong. Today, Loom Solar have 1500 re-sellers across India. It does 90% of dispatch is done on the same day and delivers maximum products within SLA.
Brand: As a start-up company like Loom Solar, reaching the consumers was difficult. It started using a digital medium such as Google and YouTube to write content on the benefits of solar panel to help the environment. The team started creating videos on benefits and how to install solar panels at home. In 2019, the Loom Solar team created over 500 videos and it has been seen by 25 million users across the world. In terms of brand search, 30,000 people search about Loom Solar every month on Google.
Loom Solar - Name and Logo
Since the main idea of this company is based on SOLAR + while searching for a domain to launch a website, the team liked the LOOM. (as it symbolized 2 OO, that looked nice same as GOOGLE). So, therefore, Loom Solar.
PV Vyshnavi
Loom Solar - Business Model and Revenue Model
Loom Solar's Business Model is Direct Sales. It sells its products directly to end user via online and offline channels. The business of Loom Solar is operated as commerce model.
The Price Range of Loom Solar Products/Services: Rs. 750 to 3 Lacs
Yash Taneja
Loom Solar - Revenue
Loom Solar's Revenue for 2020 was at Rs. 30 Crores. In 2019, It had revenue of 19.2 crore, whereas in 2018 Loom Solar's revenue stood at Rs. 2.4 Crore.
Loom Solar - Startup Launch and Customer Acquisition
The team had good experience in digital marketing (organic/paid). So, they focused more on digital platform like Google. In just 30 days, Loom Solar got over 100 customers.
3 things that helped Loom Solar retain customers:
- Focus on organic growth
- Providing complete solutions to customer, and
- Serve customers well for repeat transactions.
Loom Solar - Startup Challenges
The most challenging part for Loom Solar was 'Pricing'. Since India is a sensitive market, the founders faced the dilemma of charging either high/low than the existing leaders in the company. By providing high technology and advanced products, Loom Solar was able to tap the market with the 'Right Price' that suited both customer and company needs.
Loom Solar - Marketing Strategy
No Experienced centers for solar products in the local markets (3,500 shops across India, including rural areas)
Solar Awareness (they started making videos about solar products and published them on YouTube & Facebook. Now, they have 1.73L subscribers on YouTube and 1.02L followers on Facebook. They were also taking the help of the influencers to reach more people. They are reaching 100M+ people every year through digital platforms.
Solar Finance (The cost of solar system installation is higher as home and car, so to provide easy financing options. The consumer needs to pay only 20-30% down payment, and they can make flexible EMI options equal to current electricity bills.)
Engineer Visit (A solar system installation is technical homework. Most of the consumers don’t have an idea of how much capacity of the solar power plant is required for their homes and businesses. To make an easy process of rooftop solar installation, they provide an engineer visit across India. This is a paid service in which their engineer visits the consumer’s site location. Then, theybprovide a solar quotation.)
Learn Solar (This is their free training program in which any person can learn about solar. This is an online program.)
Challenges
At the time of the start, the big challenge for Loom Solar was to fight against the big brands, establish themself as a trustworthy brand, and gain customer support and trust. Achieving these things in the market was the biggest challenge at the initial stage, and making a good brand value in the solar sector and building trust among the customers.
The coronavirus made fewer people want to buy things, so stores didn’t sell as much. This happened because lockdowns stopped people from shopping in local stores. Amol Anand noticed that small businesses that make things had a hard time, especially with having enough money. But big businesses that make things already had orders from construction companies, so they weren’t hurt as much.
To gain customers’ trust, they started quick delivery of solar products and installation services. They also compete with product pricing and quality and the integrity of Loom Solar, says the Loom Solar Team.
Their biggest challenge was its limited budget. They needed to do a lot of things like promoting their product and brand, getting customers, making solar products available that people wanted, and giving them fast service. And they had to do all of this with not much money. Luckily, their team was helpful and worked hard to make the most of what they had.
Niku Mandal
Loom Solar - Funding
Loom Solar raised the funding of $2 million from Social Investment Managers and Advisors (SIMA) in the US. The funding comes through the Energy Access Relief Fund (EARF), which is backed by the World Bank, DFC, BII, FMO, IFC, and other organizations. Loom Solar is Bootstrapped.
Loom Solar - Competitors
Tata Power Solar, Havells, Luminous and Waaree are the Top Competitors of Loom Solar.
Tools Used By Loom Solar to Run Business
Loom Solar has been a firm believer in technology, from order management to service, it uses a large number of integrated tools such as Shopify, Zoho, GreytHR, Knowlarity, and ERP for day-to-day customer, employee, and supplier management,
Loom Solar - Achievements and Recognition
The following are the achievements and recognitions of Loom Solar-
- Won Gold and Silver award in the 11th Annual 2019 Golden Bridge Business and Innovation Awards at United States of America
- Won Fastest growing SMB of 2020 in Amazon Sambhav
- Won Energy business of the year at Small Business Awards in 2021
- Installed solar system in over 50,000 houses
Loom Solar - Growth and Future Plans
- Loom Solar has a capacity to manufacturers 3,65,000 solar panels a year in 2021, the capacity will be extended in coming years,
- In terms of Market, Loom Solar wants to become the category leader by 2025 with a revenue share of 10-15% in a 5,000 Cr. Residential and commercial solar Market,
- On New products, Loom Solar will keep on innovating super high-efficiency panels and could take entry into the Lithium battery market.
Loom Solar - FAQs
Where is Loom Solar’s Manufacturing unit?
The Solar panel manufacturing unit of Loom Solar is located in Sonipat Haryana.
How many people work at Loom Solar?
Loom Solar has a team of 100 people working across 3 locations in India namely the Corporate office, Warehouse, and Manufacturing unit.
How many resellers at Loom Solar?
Loom Solar has a team of 10,000 resellers working across India. Loom Solar's established reputation and support.
Does Loom Solar export the product to other countries such as USA, Australia, Africa, Dubai, and Gulf countries?
Yes, made-in-India solar panels are in demand across the world, Loom Solar is an A-grade quality manufacturer and exports the product to many global countries.
Does Loom Solar have a Research and Development Team for new product innovation?
There is a dedicated team for R&D that brings new products for the company in Indian Markets such as Lithium battery, Solar panels, and other Accessories that are used with the Solar panels.
Who are the Founders of Loom Solar?
Amol Anand and Amod Anand are the Founders of Loom Solar.
How Much is Loom Solar's Revenue?
Loom Solar's Revenue for 2020 was at Rs. 30 Crores. In 2019, It had revenue of 19.2 crore, whereas in 2018 Loom Solar's revenue stood at Rs. 2.4 Crore.
Where is the headquarters of Loom Solar?
The headquarters of Loom Solar is in Faridabad, Haryana (India).
