Promethean Energy, a Mumbai-based cleantech startup, has raised $2 million in a pre-Series A funding round led by Transition VC. The round also saw participation from Sangam Venture, Sagana Capital, and Fondation Botnar.
The fresh funds raised will be used to expand its product portfolio, scale operations, and enter new markets across India and Southeast Asia.
Founded in 2014 by Rajat Agarwal and Ashwin Krishna, Promethean Energy develops industrial-grade heat pump and waste heat recovery systems to replace fossil-fuel-based thermal systems across factories. Its products integrate thermal storage, smart controls, and energy monitoring.
Promethean offers tech-first, locally optimised solutions designed for India’s unique industrial conditions, integrating thermal storage, smart controls, and real-time energy monitoring.
Promethean’s systems are used by companies including Hindustan Unilever, Godrej Industries, and Raymond Textiles. The technology is deployed across sectors such as chemicals, textiles, FMCG, and steel, with over 100,000 tonnes of CO2 savings reported annually.
With a mission to decarbonise 1,000 factories by 2027, Promethean is now developing high-temperature heat pumps, an AI-powered energy optimisation platform, and a nationwide service network. It also plans to initiate international pilots in Bangladesh, Indonesia, and the Middle East.
“Thermal energy is the last bastion of fossil fuel use in Indian industry. At Promethean, we’re replacing steam boilers and hot water generators with smart, electric heat pump and heat recovery systems—clean, efficient, and reliable,” said Rajat Agarwal, Founder and CTO, Promethean Energy.
“India’s industrial and manufacturing sector is a significant contributor to national emissions, ranking third after energy and agriculture, and accounting for roughly 240 million tonnes of CO2 equivalents, or approximately 10% of India’s total greenhouse gas output,” said Shoeb Ali, Co-founder and Managing Partner, Transition VC.
“Promethean offers impactful energy efficiency solutions, including advanced waste heat recovery systems and industrial heat pumps, which hold substantial promise for decreasing carbon emissions from this sector in both domestic and international markets. Their proven ability to successfully deploy reliable systems at scale positions them as a key player, delivering compelling and rapid returns on investment for customers,” he added.
