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.
Pre-seed stage fundraising startedMay, 2019