Probus Secures $5M Growth Funding from Unicorn India Ventures

Probus Smart Things has successfully raised $5 million in a Series A funding round led by Unicorn India Ventures. This marks the fourth investment by the venture capital firm in the deep tech startup. The funding round, comprising both equity and debt financing, also saw participation from family offices in the U.S. and India. With this latest investment, Probus has now secured over $8 million in total funding.

The newly acquired funds will be utilized to expand the company’s communications technology stack across multiple smart grid and renewable energy applications. Additionally, Probus plans to enhance its AI capabilities by integrating them with its proprietary communications and networking technologies.

“This is our fourth investment in Probus as we see it emerging as a key disruptor in the last-mile power distribution sector. With an order book valued at Rs 400 crore, the company has demonstrated a deep understanding of the problem and the ability to provide scalable, tech-driven solutions with AI integration,” said Anil Joshi, Managing Partner at Unicorn India Ventures.

Probus specializes in developing hardware and software solutions for utility providers, facilitating the digitization of distribution grids. The company plans to invest further in scaling its dual communications network interface modules for smart metering. These smart meters are being deployed across multiple Indian states.

The startup, which partners with major utility companies such as Adani Power and Tata Power, last secured funding in 2023. Since then, its revenue has grown tenfold.

“At Probus, our goal is to drive last-mile digitization in India’s electricity distribution grid. This transformation is significantly reducing distribution losses at scale and accelerating the country’s progress toward its Net Zero targets. Our advanced communications technologies and data analytics are at the core of this shift. With expertise in diverse communication stacks and deep network hardware capabilities, Probus has become a trusted deep-tech partner for industry leaders like Adani Power, Tata Power, and Torrent Power,” said Anand Singh, Co-founder and CEO of Probus Smart Things.