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Risk management software and data aggregation for pay-as-you-go solar companies

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Company Overview

CARMA provides a software soultion to resolve a few major pain points for pay-as-you-go (PAYGO) solar companes.

The core of PAYGO solar business is the combination of solar home systems (SHS) distribution bundled with financing. End-customers pay for their SHS on a subscription basis. Essencially, PAYGO companies provide loans for installed SHS and expect projected repayments.

PAYGO industry is over 50 companies and a few million customers mostly in Africa and S/SE Asia. Every year over 10 startups come to the market. 95% of 400 million potential adressable market for PAYGO solar remains untapped yet. The vast majority of these companies have not reached profitability yet due to unreasonably high operational costs according to GOGLA Report 2018.

CARMA provides software-as-a-service solution to perform underwriting processes for PAYGO solar companies. Cloud-based underwriting solution is primaraly integrated with CARMA's proprietary call center solution to deliver the perfect startup stack for starting PAYGO companies. CARMA aggregates data for further data-validity and score cards building and provides payment processing interfaces for top-up agents bundled with credit risk management soltuion for it.

It makes cheaper to run PAYGO startup hence more entrepreneurs could afford it hence more green electricity will be delivered to off-grid space. Data consolidation and plug-and-play underwriting brings impact to all players with making customers selection consious to raise revenue generating by higher asset utilization rate.

Ted Martynov the CEO at CARMA started up and ran the biggest PAYGO company in SE Asia called SolarHome from 2016 till 2019. Previously, Ted ran consumer lending and fintech startups in the Eastern Europe lending for a decade.


$Revenue Transaction Volume

Pitch Deck


  • Pre-seed stage fundraising started

    May, 2019


Greg Krasnov
Greg Krasnov
Chairman @ SolarHome, Founder and CEO @ Forum
"Ted was my Co-Founder and CEO for three years in a venture in Myanmar. He is an experienced startup launcher with a lot of drive and integrity. Ted has helped shape SolarHome to what it is today and we thank him for the leadership and dynamism he has brought to the company. I wish him the best of luck in his new venture."
Bradley Kopsick
Bradley Kopsick
Insitor Partners
"I had the pleasure of working closely with Ted as a shareholder of the company he was running as CEO. During that time, Ted was always accessible and responsive in our communications. He was transparent with information and answered questions that we had directly, often times going above and beyond by providing additional documentation and data."
Alex Kachmala
Alex Kachmala
CTO at SolarHome
"I wonder we had a solution like CARMA at the outset of SolarHome. Software development to setup basics for CRM with sequentially integrated call center and underwriting solutions took an unreasonable amount of time and money. What I believe is the typical case for every single emerging market."
Thomas Clay
Thomas Clay
Executive Coach
"I worked closely with Ted and his fellow executives as a coach for ten months. Nothing stands out more than Ted's integrity and his ability to decisively build and lead a team. Like a captain of a ship, Ted has the skillset to understand the details of the engine, while keeping the vessel on course for its final destination - the perfect combination for a startup!"