Roorkee-based solar solutions maker Eapro Global raises Rs 40 crore ahead of proposed FY28 IPO

Roorkee-based solar and power-backup solutions maker Eapro Global has raised Rs 40 crore in a funding round as it prepares for a proposed IPO in FY28. The round saw participation from institutional investors , family offices and individual investors, including Aarth AIF Growth Fund, NAV Bharat Investment Opportunities Fund, VentureX Fund, Kyro India Opportunities Fund-I and Juggilal Kamlapat Lakshmipat (JK Family Office). Eapro said the fresh capital will be used to expand manufacturing capacity, strengthen its technology capabilities and increase its presence in India's renewable energy and power-backup markets. Kyro Capital acted as the sole transaction adviser for the fundraise, handling investor identification, transaction structuring and closure. The deal also marks the first investment by Kyro India Opportunities Fund-I, a SEBI-registered Category II alternative investment fund managed by Kyro Asset Management. Eapro manufactures solar inverters, batteries and energy storage systems for residential, commercial and industrial customers. The startup reported revenue of Rs 346.39 crore in FY26, up 73.5% from Rs 199.61 crore in FY25. Earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 65.7% to Rs 44.30 crore from Rs 26.73 crore during the same period, while PAT rose 64.4% to Rs 30.54 crore in FY26 from Rs 18.58 crore a year earlier. It is targeting an IPO in FY28 and is in discussions with prospective lead managers and investors as part of preparations for the proposed listing. “Energy storage systems and solar inverters are set to be at the very core of India's energy future. As the country accelerates its transition towards renewable energy and greater grid resilience, the demand for reliable, indigenous power-backup and storage solutions will only intensify,” said Jagdeep Chauhan, Managing Director of Eapro Global. “This fundraise strengthens our balance sheet and positions Eapro to scale manufacturing capacity, deepen our technology capabilities, and capture this rapidly expanding opportunity. We are targeting our initial public offering for FY28 and are already in active discussions with lead managers and prospective investors as we prepare for that milestone,” Chauhan added. Aman Maheshwari, founder and fund manager of Kyro India Opportunities Fund-I, said the fund expects growth in energy storage and power-backup solutions as India's adoption of renewable energy increases and demand for reliable power rises.