Waaree Renewable Technologies Limited Announces Strategic Investment in Smart Joules – India’s largest & fastest growing Cooling-as-a-Service company

• September 22, 2025

  4 mins

• Waaree Expert

Mumbai, India – September 19 , 2025 — Waaree Renewable Technologies Limited (“WRTL”), one of India’s leading and fastest-growing solar EPC and renewable energy solutions providers, today announced a strategic investment in Smart Joules Pvt. Ltd. (“SJPL”), India’s largest and fastest- growing Cooling-as-a-Service (CaaS) and Energy Efficiency company.
This investment marks not just a collaboration with Smart Joules but also underscores Waaree Group’s growing ambition as an active investor in the Energy Transition and broader Climate Tech ecosystem—positioning itself as the partner of choice for visionary founders solving critical challenges across sectors.
Speaking on this investment, Mr. Viren Doshi, Executive Director, Waaree Renewable Technologies Limited, said: “Our investment in Smart Joules reflects Waaree’s commitment to building a broader Energy Transition platform. We see energy efficiency and Cooling-as-a-Service as pivotal to shaping a sustainable future and a fast-emerging global model, especially in markets like India, Southeast Asia, and MENA. This investment underscores our focus on backing innovative Climate Tech companies with not just capital, but also strategic partnerships and long-term support—guided by a founder- first approach to help visionary teams scale transformative businesses.”
Mr. Rajesh Sharma – Head Investments and Growth at Waaree Group added: “Our investment in Smart Joules is a milestone in Waaree Group’s journey to back disruptive, category-defining businesses. At Waaree, we don’t just provide capital—we bring partnerships, global networks, and long-term commitment. We aim to be the first call for ambitious founders looking to scale transformative solutions.”
“We believe that Cooling-as-a-Service (CaaS) is emerging as a major global business model, driven by rising demand for cooling, climate change, and the shift to pay-per-use efficiency models. India, Southeast Asia, MENA, and parts of Africa & Latin America represent the largest future markets, while US/EU remain niche but premium segments. We are confident Smart Joules is well-positioned to capture a significant share of this opportunity.
“Our conviction extends well beyond Climate Tech. We actively explore opportunities across SaaS, Deep Tech, AI, Fintech, Electronics & Manufacturing, Logistics & Transportation, Data Centers & Cloud Infrastructure, and Consumer Tech.
He further emphasized: “If you are building a company that solves meaningful problems with bold innovation, we want to hear from you. Our mission is to co-create transformative businesses and scale them globally.”
Mr. Arjun P. Gupta, Founder & CEO, Smart Joules Pvt. Ltd, said: “We are excited to welcome Waaree Renewable Technologies as both an investor and strategic partner. Waaree’s leadership in renewable energy and its global network will significantly accelerate our growth journey. Together, we aim to expand Cooling-as-a-Service and AI-driven efficiency solutions to a wider customer base, ensuring industries, hospitals, and businesses can access sustainable cooling without upfront costs.”

About Smart Joules

Smart Joules is India’s largest and fastest-growing CaaS and energy efficiency company.
Smart Joules operates across three high-impact verticals:

• JoulePAYS –Cooling-as-a-service / Energy Savings for existing buildings and factories
• JouleCOOL – Cooling-as-a-service for new facilities
• DeJoule – A proprietary AI-driven automation platform for Energy savings and efficiency

The company partners with hospitals, industries, and commercial buildings to deliver measurable energy savings while reducing carbon emissions. Supported by investors like ADB Ventures, Nadir Godrej, and Saket Burman, Smart Joules is scaling rapidly to capture emerging markets in India and beyond.

About Waaree Renewable Technologies Limited

Waaree Renewable Technologies Limited (WRTL), a subsidiary of Waaree Energies Limited, is a leading solar EPC, project development, and asset management company with a growing global footprint. Headquartered in Mumbai, WRTL delivers utility-scale and distributed solar solutions—including rooftop, ground-mounted, and floating projects—alongside comprehensive
O & M services. With ~2.5 GW of projects executed and over 10,000 rooftop installations, WRTL partners with commercial and industrial clients to provide high-performance, sustainable energy
solutions that drive the clean energy transition.

Media Contacts:
Waaree Energies

Ajay Leelaa Mishra
Mob: +91 8655814584
Email: ajaymishra2@waaree.com

Adfactors PR

Abhishek Dutta
Mob: +91 7044342299
Email: abhishek.dutta@adfactorspr.com