Green India Building Systems and Services (GIBBS), a Mumbai-based startup that enables commercial and residential buildings to be environmentally safe and reduce operational costs, has raised Rs 2 crore ($400,000) from Hyderabad Angels as part of a Series A round of funding. The investment was led by Sashi Reddi, founder of software testing company AppLabs, said a press release.
Founded in 2010 by Arun Shenoy and Mandar Kaprekar, GIBBS claims to help buildings reduce their cost of operation by up to 80 per cent. Its portfolio of services includes geothermal cooling systems, hot water co-generation systems and, lighting and indoor air quality systems. It claims to have generated savings of over 5 million electrical units in buildings across India, reduced 75 million litres of water usage and 6000 tonnes of carbon footprint.
Reddi, who invests through his personal investment arm SRI Capital, sold AppLabs CSC in September 2011. Hyderabad Angels was set up as an initiative of TiE Hyderabad in 2010. Other angel investor who are part of the network include JA Chowdary, Sateesh Andra and Divya Sehgal. The network invests upto Rs 2 crore per company, starting at Rs 25 lakh, and investors stay invested for between three years and five years. Its sector of interest include agriculture, cleantech, biotech, media and entertainment and Internet.
Image Courtesy: GIBBS