SaaS for operational/credit risk management and data aggregator for PAYGO solar companies to help them mitigate operational costs for reaching profitability
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
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
CARMA is a product based company
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
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 (https://www.angaza.com/2019/04/09/introducing-angaza-connects/)
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 (https://nextbillion.net/pay-as-you-go-solar-maturing/?platform=hootsuite)