Intellecap Impact Investment Network (I3N), India's 50-member strong angel investors’ network, has invested $0.5 million in Coimbatore-based solar-agriculture startup, Surya Power Magic.
This is I3N’s first investment in the clean energy sector. I3N told Business Line that the investment was made in syndication with Infuse Ventures, IIM Ahmedabad’s clean tech focused fund.
Abhilash Thirupathy and Karthic Ravindranath-promoted Surya Power Magic offers solar-based irrigation solutions for farmers, and aims to be a pioneer in R&D and distribution solutions for solar products.
The company currently creates and sells affordable solar water pumps that allow farmers to access water for irrigation. Surya has installed over 25 water pumps in Tamil Nadu so far.