Solar and Power-Backup Maker Eapro Global Raises ₹40 Crore, Eyes Public Listing in FY28

Eapro Global Limited, a Roorkee-based manufacturer of solar and power-backup solutions, has raised ₹40 crore in a funding round backed by institutional investors, family offices and individual investors, according to YourStory’s startup roundup published on Wednesday, September 23.

Investors in the round included Aarth AIF Growth Fund, NAV Bharat Investment Opportunities Fund, VentureX Fund, Kyro India Opportunities Fund-I and JK Family Office, among others.

The company manufactures inverters, batteries and energy storage systems and is preparing for a proposed public listing in fiscal 2028, the report said. Eapro will use the fresh capital to scale its manufacturing capacity, strengthen its technology capabilities and expand its presence across India’s renewable energy and power-backup markets.

Two markets converging

Eapro operates at the meeting point of two of India’s most important energy trends. The first is the rapid growth of solar power, particularly rooftop installations on homes, businesses and public buildings. The second is the enduring demand for power backup in a country where many households and businesses still face outages or voltage fluctuations.

The round adds to a steady stream of capital flowing into Indian companies that manufacture clean-energy hardware for homes and small businesses.

Inverters and batteries have long been household essentials in many parts of India, used to keep lights, fans and appliances running during power cuts. As solar adoption rises, that market is evolving. Solar inverters convert power from rooftop panels into usable electricity, and hybrid systems combine solar generation with battery storage to supply power when the grid is down or after sunset.

That convergence creates an opportunity for manufacturers with capabilities across inverters, batteries and storage. Rather than selling standalone backup products, they can offer integrated systems that help customers reduce electricity bills, improve reliability and use more of the solar power they generate.

Policy tailwinds

Government policy has supported rooftop solar adoption. The PM Surya Ghar scheme, which subsidises rooftop solar for households, had enabled about 26 lakh installations with ₹17,967 crore in central financial assistance, according to figures reported by SolarQuarter in March 2026. Public-sector programmes to solarise government buildings, schools and offices are adding further demand.

At the same time, India’s policy push for domestic manufacturing — through production-linked incentives, procurement preferences and requirements for domestically made components in some solar programmes — has created space for local manufacturers to compete more effectively against imports.

The rise of energy storage

Energy storage is becoming central to India’s power transition. As more intermittent renewable energy enters the grid, storage is needed to balance supply and demand. At utility scale, state distribution companies are procuring large battery systems; at the distributed level, homes and businesses are pairing rooftop solar with batteries.

For a company such as Eapro, the growth of storage opens a larger addressable market than traditional inverter-and-battery backup. Commercial and industrial customers, small businesses and residential solar users all represent potential buyers for integrated energy storage systems.

Who is backing Eapro

The investor mix — alternative investment funds, family offices and individuals — reflects a broader trend in Indian manufacturing finance. Many growth-stage industrial companies are raising capital from domestic pools of private wealth rather than from traditional venture capital, attracted by the combination of steady demand, policy support and the prospect of a public listing.

Category II and III alternative investment funds focused on growth-stage and pre-IPO companies have become an important source of capital for Indian businesses that are too established for early-stage venture funds but not yet ready for public markets. Family offices, meanwhile, are increasingly allocating to manufacturing and infrastructure-linked businesses in search of long-term growth.

The road to FY28

Eapro’s stated plan to list in FY28 gives it roughly two years to strengthen its financial profile, governance and scale. For manufacturers preparing for public markets, that typically involves expanding capacity, broadening distribution, improving margins and building a track record of consistent revenue growth.

India’s primary markets have been receptive to manufacturing and energy-transition companies, with several listings in the renewable energy and electrical equipment space drawing strong investor interest. A well-executed expansion could position Eapro to tap that demand, although market conditions two years from now are impossible to predict.

Competitive pressures

Eapro faces competition from established Indian brands in inverters and batteries, as well as from newer players focused on solar and energy storage. Imported products — particularly from China — remain a significant presence in components such as lithium-ion cells.

Success will depend on the company’s ability to manage costs, secure reliable supply chains for key components and build a distribution and service network that reaches customers across India’s diverse markets — from metropolitan areas to smaller towns where power backup is most critical.

Technology will also matter. As customers shift towards lithium-ion batteries, smart inverters and connected systems that can be monitored remotely, manufacturers need to invest in research and product development to keep pace.

Building from a smaller city

Eapro’s base in Roorkee, Uttarakhand, is itself noteworthy. Much of India’s startup and growth-company funding remains concentrated in major metropolitan hubs. Manufacturing companies headquartered in smaller cities that attract institutional capital help broaden the geography of India’s industrial growth and create skilled employment beyond the largest urban centres.

Why it matters

India’s energy transition will require not only large solar parks and utility-scale storage but also millions of distributed systems installed on homes, shops, schools and factories. Companies that manufacture the inverters, batteries and storage systems at the heart of those installations will play a central role.

Eapro’s ₹40 crore raise is modest by the standards of India’s largest clean-energy deals, but it represents the kind of investment needed to build a domestic manufacturing base for distributed energy. If the company executes on its expansion plans and reaches the public markets as intended, it could become one of a growing number of mid-sized Indian manufacturers helping to power — and back up — the country’s clean-energy future.

Investors will also watch how Eapro balances growth with working-capital discipline. Manufacturers of batteries and power electronics must manage inventory, raw-material price swings and dealer credit carefully — factors that public-market investors scrutinise closely ahead of any listing.