Two Point O Raises $10 Million Series A for Clean Energy Financing

Two Point O Capital (TW.O), a startup that finances and deploys clean energy assets for commercial and industrial businesses, has raised $10 million in a Series A round led by Transition Venture Capital (TVC). Existing investor Omnivore and angels Chiranjeev Singh Saluja and Sudhir M Reddy also participated.

The Delhi-founded company will use the cash to enter new asset classes, starting with battery energy storage systems (BESS), and to grow its existing solar, energy efficiency and wastewater treatment businesses. It also plans to push into energy- and water-intensive sectors: data centres, automotive, pharma, manufacturing and healthcare.

What does Two Point O actually build?

Founders Archit Mehrotra, Karan Bhutani, Manya Ranjan and Shashidhar Reddy launched the company in 2024. It offers financing, turnkey solutions and equipment leasing across four asset classes:

• Rooftop solar
• Battery energy storage systems (BESS)
• Energy efficiency upgrades for heating, cooling and air compressors
• Wastewater treatment

The pitch is simple: customers adopt clean energy and water infrastructure without upfront capital costs. A wholly owned NBFC subsidiary handles loan disbursals, while a separate operating entity covers lease and service contracts.

Two Point O doesn't install or maintain anything itself. It works with original equipment manufacturers and EPC firms across India, overseeing them through technology and contracts. Bhutani calls it a "light-touch" model that lets the company scale.

The startup runs a proprietary AI and machine learning platform for solutioning, underwriting and asset monitoring. Bhutani said the underwriting engine sends a techno-commercial proposal to a client within 24 to 48 hours. All deployed assets are IoT-enabled, feeding real-time data into preventive maintenance and performance checks.

Who are the customers?

Two Point O says it has onboarded 25-30 large customers, including Premier Energies, Godrej, JK Tyre, Morepen Pharma, Wipro and Phoenix Mills. Its strategy: sign big clients, then sell them additional solutions, which Bhutani said keeps customer acquisition costs low.

He estimates the existing customer base alone could generate Rs 400-500 crore in transactions over the next two to three years. Assets under management have grown 1.5x every quarter for the last three quarters — roughly 3.4x compounded. The company hasn't disclosed AUM size, but targets $75-100 million over the next couple of years, plus entry into the SME segment.

Why does C&I clean energy need a financier?

Bhutani said the gap sits below the large projects that attract most investment. "There was a lot of capital that was getting pumped into utility-scale, grid-scale projects. But there wasn't enough capital inflows into the distributed or decentralised energy projects, to put it simply, for industries and buildings," he said.

He also flagged geopolitics. "The recent West Asia crisis has further underscored the importance of energy independence and resilience, making the transition to clean energy and efficient water utilisation an imperative rather than a choice," Bhutani said.

The startup puts the C&I capital and asset solutions opportunity at $100-150 billion a year.

Abhilash Sethi, partner at Omnivore, noted India crossed 50% of installed electricity capacity from non-fossil sources in June 2025 — five years ahead of its 2030 target — yet C&I deployment still lags. Factories, hospitals, data centres and manufacturing units must adopt cleaner energy and more efficient water use for the transition to scale, he said.

Yashodhara Bakliwal, VP of Investment at TVC, said Two Point O removes the capex barrier for customers. "The industry often underestimates the complexity of integration across a fragmented ecosystem with multiple stakeholders. By taking end-to-end ownership of execution, Two Point O enables customers to focus on their core business rather than managing the build," Bakliwal said.

She added that the deal fits TVC's portfolio. "Our hardware companies can deploy faster through TW.O's platform and reach customers who would otherwise be constrained by capex," Bakliwal said.

The Series A lands roughly two years after Two Point O raised $6.3 million in a seed round led by Omnivore in September 2024, with Multiply Ventures, RTP Global, GrowX, Spectrum Impact and angel investors on board. With $16.3 million now raised and AUM compounding at 3.4x over three quarters, the bet is that India's factory floor, not its grid, becomes the next clean energy battleground.