In Conversation with Mr. Suvendu Dutta VP, Solar Business MyWay
1) Let’s begin with a glimpse of your company’s presence and offerings in India?
MyWay Solar (a brand of Ravi Renewable Energy and Lighting India Pvt Ltd) was incorporated in the year 2015 with the objective of creating a business line which will have a socio-economic impact. The company is promoted by Raakhe Kapoor Tandon and is in the business of undertaking projects in the renewable sector, specifically Solar projects. The company is steered under the dynamic leadership of our MD& CEO, Mr. Saikat Roy. We also have a LED lighting vertical under the brand “MyWay”. The company is run by experienced professionals from the industry who have extensive experience in products, projects and network on a Pan India scale. The senior management has been given the mandate to work as entrepreneurs and it is showing in the results achieved over a short duration of two years. We are on course to become a US $ 10 million company in FY 17-18 and are scaling up rapidly. The company has a PAN India presence and is presently working on projects in the states of Tamil Nadu, Andhra Pradesh, Maharashtra, Chattisgarh, Uttarakhand, Odisha, Assam and Uttar Pradesh. We are amongst the few companies in India who have managed scale by covering the entire Solar spectrum in both the Off Grid and Grid connected projects. The team now has installed more than 2000 nos of irrigation and drinking water pumps, close to 13000 nos of Solar home lighting systems, Solar Street lights as well as close to 4 MW of rooftop projects.
2)What have been some of the recent developments at your organisation?
We all have come from varied backgrounds and have seen the ups and downs of the industry. As a team we wanted to isolate the organization from the vagaries of the industry. The Indian Solar industry is booming under the present government and the outlook is positive for years to come. It is a necessity for us to adopt renewable energy and energy efficient solutions to supplement not only the government’s renewable policy but also the other flagship schemes like Make In India and Saubhagya scheme. We also feel that while emphasis is on the huge utility scale power plants but equal emphasis should be given to decentralised solutions as well. I mean, that what better than using the energy where it is being generated, thus eliminating all the losses and grid outages. Hence we thought of aggregating all this demand and started our unique initiative called the “Same As Cash Mechanism”. Under this scheme we work with our business partners and help them scale up their business. Our models are aimed at sectoral growth and we strongly feel that we will outperform the sectoral growth till we are 5 years old.
3)Tell us a bit about the recent technology advancements in your sector?
Both the Solar and the LED sectors are still nascent and in their evolving state. Since we have just entered the arena, it is easier for us to adopt newer technologies as compared to existing companies who may have invested more in older technologies. We would always like to be nimble on our feet and understand the way the market is moving. As of now, in the Solar sector we are working with our business partners on developing world class electronic products, floating solar technology and storage batteries. We are bullish on developing storage batteries under the Lithium family with an established business partner and setting up a manufacturing plant here in India. Initially we will test the market for the quality of the product and once it is proven we would like to set up a full-fledged manufacturing facility. We feel that with scale the prices will come down as has been the case with the Solar panels.
4) What are your growth plans for the Indian market? What are the milestones you wish to achieve by the end of this fiscal?
The Indian market is a very dynamic market where customers require the best quality at very competitive prices. Constant engineering innovations are required to remain relevant in the market. We have already introduced our flagship SACM program in the solar sector and are looking at consolidating our position as this is the only program of its kind that is being run in India. We are looking at consolidating our base and double our revenues to US$ 20 million in FY 18-19 through the SACM program. We are also getting into the Rooftop RESCO business and Open Access projects in FY 18-19 and would like to cover at least 20 MW during the year. We are actively pursuing good opportunities in both the above business lines and would close 10MW of rooftop and open access projects by the end of the first quarter itself. As we understand this business line, we would aggressively push for higher volumes in FY 19-20.
5) What have been the latest trends in demand for your products & services in India?Where do you see the next demand growth coming from?
Products may become obsolete in today's fast changing world but good quality services will always be needed. It is in our DNA of not looking at us as a product company but as a services organization. It is imbibed in all our employees from the day that they join the organization that the customer is supreme. In fact, even the name “myWay” is for our customers, the way that they think and would like to progress in their related fields. SACM has caught the imagination of the industry and specifically for companies who want to create wealth and are not looking at short term profits. All our customers have been growing in double digits and have given us repeat orders. Our involvement with them has been increasing on a day to day level and at every level of their organization. We would want to become a one stop shop for them and cater to all their needs. Our unique aggregation model is also helping our vendors as their risk is on us and that is giving them comfort.