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

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Convertible Note

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Term Length (Months)

24 months

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Elevator Pitch

SaaS for operational/credit risk management and data aggregator for PAYGO solar companies to help them mitigate operational costs for reaching profitability


$Revenue Transaction Volume

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.


  • Pre-seed stage fundraising started

    May, 2019

Pitch Deck

Press Mentions


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!"

Frequently Asked Questions

What stage CARMA is now?

CARMA is on the very early stage and does not have ready MVP. On the other hand, the technologies behind the project were piloted at SolarHome for a while and proofed its value

Is CARMA about consultancy?

CARMA is a product based company

How does CARMA charge fee?

CARMA charges on pay-as-you-go method. There are fees per transaction/user to make it suitable for customers which companies are on early stages


CARMA stays out of CRM space. We do not want to compete with existing CRM to be an extension for it. We see the value of CARMA in underwriting and data management solutions

Will CRMs block CARMA's underwriting extension?

All popular CRMs are about creating an open-API platforms. For instance, Angaza the biggest CRM solution for PAYGO space reported recently about finishing Angaza Connect to bridge their solution with external software stacks (

How consistent is the PAYGO solar industry?

It is true that two huge players as Mobisol and Solarkiosk have problems last time being under a threat of bankruptcy. Contrary, it shows the right time for CARMA due to profitability issue becomes the mainstream. Jesse Moore the CEO of M-KOPA with 800,000 solar units at service confirms it here (

Risks & Disclosures

  • Threat: The target market is still considered to be on the early stage what gives both opportunities and risks
    Solution: Keep lower expectation for project growth in the initial period. Consider cross-selling to MFIs in existing markets
  • Issue: There is a low understanding of underwriting among many PAYGO companies as their founder and executives came non-lending businesses
    Solution: The problem is already there and credit risk management is one of the top subjects in any PAYGO solar conferences
  • Issue: PAYGO companies could not be open to sharing their data with others
    Solution: Every market with developed lending companies comes to idea to establish a bureau of credit histories. It is only a matter of time
  • Threat: Open-platform CRMs can develop underwriting modules themselves
    Solution: The value of CARMA is not only about know-how at underwriting. Underwriting matters in integration with call center/field forces with access to CRM profiles. Underwriting requires access to data, scorecards analysis, collection systems. It is rarely integrated into one system for lending business and will not be implemented soon for PAYGO space