Two Point O Capital (TW.O), a startup that finances and deploys clean energy assets for commercial and industrial (C&I) businesses, has raised $10 million in a Series A funding round led by Transition Venture Capital (TVC).
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Existing investor Omnivore and angel investors Chiranjeev Singh Saluja and Sudhir M Reddy also participated.
The startup plans to use the funding to move into 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 expand into sectors that use large amounts of energy and water, including data centres, automotive, pharma, manufacturing and healthcare.
What Two Point O does
Founded in 2024 by Archit Mehrotra, Karan Bhutani, Manya Ranjan and Shashidhar Reddy, Two Point O 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, and wastewater treatment.
The startup said its offerings allow customers to adopt clean energy and water infrastructure without incurring upfront capital costs.
It runs a wholly owned NBFC subsidiary that handles loan disbursals, while a separate operating entity serves lease and service-based requirements.
Two Point O does not install or maintain the equipment itself. It works with original equipment manufacturers (OEMs) and engineering, procurement and construction (EPC) firms across India, and oversees them through technology and contracts. Bhutani described this as a “light-touch” model that lets the company scale.
The startup said it uses a proprietary AI and machine learning platform for solutioning, underwriting and asset monitoring. According to Bhutani, its underwriting engine lets it send a techno-commercial proposal to a client within 24 to 48 hours, and all deployed assets are IoT-enabled, with real-time data used for preventive maintenance and performance checks.
Customers and growth
Two Point O claims to have onboarded around 25-30 large customers, including Premier Energies, Godrej, JK Tyre, Morepen Pharma, Wipro and Phoenix Mills. Its approach has been to sign large clients and then sell them additional solutions, which Bhutani said keeps customer acquisition costs low.
He estimates that the existing customer base alone could generate Rs 400-500 crore in transactions over the next two to three years.
The startup said its assets under management (AUM) have grown 1.5 times every quarter for the last three quarters. Compounded, that works out to roughly 3.4 times over the period. It has not disclosed the size of its AUM, but aims to build it to $75-100 million over the next couple of years and to enter the SME segment.
Why C&I clean energy needs a financier
Bhutani said the gap Two Point O is chasing 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 pointed to recent geopolitical events. “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 stratup puts the opportunity in capital and asset solutions for C&I customers at $100-150 billion a year.
Abhilash Sethi, partner at Omnivore, said that while India crossed 50% of installed electricity capacity from non-fossil sources in June 2025, five years ahead of its 2030 target, clean energy deployment in the C&I segment still lags. Factories, hospitals, data centres and manufacturing units will need to adopt cleaner energy and more efficient water use for the transition to scale, he said.
Yashodhara Bakliwal, VP, 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.
Bakliwal added that the investment fits TVC’s existing 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 new round comes about two years after Two Point O raised $6.3 million in a seed round led by Omnivore in September 2024. Multiply Ventures, RTP Global, GrowX, Spectrum Impact and a group of angel investors also took part in that round.
