Gurgaon-based Zenatix Solutions, an Internet of things (IoT)-based energy data analytics company is in the process of launching its operations in the Southeast Asian market, for which is it also considering opting for an inorganic route.
Founded in December 2013 by IIT alumni Rahul Bhalla, Vishal Bansal and Amarjeet Singh, Zenatix provides a cloud-based energy analytics product that helps large consumers of electricity reduce their electricity spend by at least 10 per cent, using intelligence from the energy data correlated with other factors including temperature, humidity and occupancy.
Their first product, WattMan, is an IoT based Building Management System (BMS) tailor-made for large retail chains and banking/ financial set-ups. Launched in April 2016, the company has deployed WattMan in over 500 retail outlets including bank branches and ATMs, across its clientele of 20 companies.
“We want to expand internationally, we believe that the product has applications every where, electricity wastage is a problem not only in India but other parts of Asia, Europe and US as well. The reason why we want to go into Southeast Asia first, is because the electricity cost on a per capita basis is very high in SEA as compared to US and Europe. Also, wheather is very tropical, so the AC runs almost 12 months a year and we use a lot of stand alone ACs as against centralised ACs,” Vishal Bansal, COO & Co-founder told DEALSTREETASIA.
The company is currently examining the prospects in various Asian markets to evaluate which countries to launch first. According to Bansal the company is likely to start out with Singapore, Malaysia, Indonesia and Philippines in the region.
“The idea is that we should launch our product aggressively next year, and this year will basically be exploration of the market and identify which are the countries that we want to launch into. Within this we want to do some proof of concept or pilot projects to assess the value proposition,” added Bansal.
The company counts Blume Ventures, pi Ventures and angels such as Rahul Khanna of Trifecta Capital, Rajan Anandan of Google and Snapdeal co-founders, Kunal Bahl and Rohit Bansal as its investors. Earlier this year, it raised a round of funding from pi Ventures, and once its shapes up its plans for its Southeast Asian foray, it plans to hit the market for another round.
“Once we are ready to go into Southeast Asia, which is beginning of next year that will be a time when we will start looking at the next round of funding. Definitely if we want to expand aggressively in Southeast Asia, we will need to raise another round,” Bansal said.
The company is also evaluating possible acquisitions or partnerships in other countries as a mode of expansion.
“Inorganic growth would be helpful, we are open to that. So in the next few months we are going to examine whether we should set up our team there, or partner with a local company maybe buyout a small company there. All those options are open on the table,” he added.