About First Energy
First Energy is an Energy & Utilities company based in Pune (India) founded in 2005 by Mukund Deogaonkar and Raymond Moses, and was acquired by Thermax in December 2020. Biomass-based stoves are manufactured by First Energy. First Energy has raised $4.65 million across 2 funding rounds from investors including Thermax, Alchemists Ark and Puja Kshatriya. The company has 62 employees. First Energy was last valued at $9 million in July 2015. Its Indian entity First Energy Private Limited reported revenue of ₹110 Cr. Its focus areas include Energy, Bioenergy, Bio Appliances and Stoves.
Company details
First Energy was founded in 2005 in Pune, India, originally as BP Energy India. Acquisition by The Alchemist Ark occurred in 2009. The company is engaged in the production of biomass-fueled stoves, which are distributed under the Oorja brand. Focus is placed on energy-efficient solutions within the renewable energy sector, with operations centered in India.
- Headquarters Pune, India
- Employees 62
- Founders Mukund Deogaonkar, Raymond Moses
- Stage Acquired
- SectorsEnergy & Utilities
- Email••••••••
- Phone•••• ••••
- Website firstenergy.in
- Social LinkedIn
- Acquired by Thermax (Dec 2020)
- Legal Name First Energy Private Limited
- Date of Incorporation 05 Nov, 2008
- Jurisdiction Pune, Maharashtra, India
Associated legal entities of First Energy
First Energy operates through First Energy Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| First Energy Private Limited CIN U40200PN2008FTC139032 | Active | 05 Nov 2008 | Pune, Maharashtra | ₹110 Cr | 62 | 9 | View details |
Funding Insights of First Energy
First Energy has successfully raised a total of $4.65M across 2 strategic funding rounds. The most recent funding activity was a Series A round of $3.15 million completed in July 2015. This substantial capital infusion reflects strong investor confidence in the company's business model, growth potential, and market opportunities. The funding enables strategic expansion, product development, market penetration, and operational scaling to drive long-term value creation and competitive advantage.
- Total Funding $4.65M
- Total Rounds 2
- Last Round Series A — $3.15M
- First Round $1.5M
(Jan 2011)
- Investors Count 9
All 2 funding rounds of First Energy with amounts and investors; the two latest post-money valuations are shown, the rest are part of the premium plan.
| Date | Amount | Transaction Name | Valuation | Lead Investors | Investors |
|---|---|---|---|---|---|
| Jul 2015 | $3.15M | Series A | $9M | Thermax | – |
| Jan 2011 | $1.5M | Seed | $45.47M | Puja Kshatriya, Naveen Kumar Kshatriya |
| Date | Valuation | Stage |
|---|---|---|
| Jul 2015 | $9M | •••••••• |
| Jan 2011 | $45.47M | •••••••• |
Last known valuation $9M (Jul 2015). 9 investors in total: 2 institutional and 7 angel.
Investors in First Energy
First Energy has secured backing from 9 investors, including institutional and angel investors. Prominent investors backing the company include Thermax, Alchemists Ark and Puja Kshatriya.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
Energy and environmental solutions are provided for industrial sectors. | 1966 | thermaxglobal.com | Pune, India | |
Offers sales consulting, custom training, eLearning, and strategy services for businesses worldwide. | 2000 | alchemists-ark.com | Pune, India | |
PK Puja Kshatriya | Angel investor and entrepreneur, co-founder of The Moms Co., focused on consumer brands. | unknown_265b4a6951f042c8a | ||
GK Gautam Kshatriya | Angel investor and entrepreneur, focused on tech startups in India. | unknown_c7163705c6dc42db8 | ||
SK Sidharth Kshatriya | unknown_ef3f5d4f7e124ce5a | |||
MY Mahesh Yagnaraman | Angel investor and advisor, ex-Microsoft, focused on tech startups | unknown_e05816c09e5947c98 | ||
GK Gautam Kshatriya | unknown_c837ba64b8c94232b | |||
MD Mukund Deogaonkar | unknown_a6da020f306f4f669 | |||
NK Naveen Kumar Kshatriya | unknown_935d29c0b575451da |
Investor details for First Energy
The complete investor list, round-by-round participation and investor portfolios require an active premium plan.
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Board of directors of First Energy Private Limited (First Energy)
First Energy Private Limited is the primary company behind First Energy. The board of First Energy Private Limited currently have 7 directors; the longest-serving is Hemant Prabhakar Mohgaonkar, appointed in 2015. 28 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Hemant Prabhakar Mohgaonkar DIN 01308831 | Nominee Director | 15 Jul 2015 | 11 yrs 3 mo | First Energy Private Limited |
| Rajendran Arunachalam DIN 08446343 | Director | 25 Jul 2019 | 7 yrs 3 mo | First Energy Private Limited |
| Ashish Bhandari DIN 05291138 | Director | 03 Nov 2021 | 4 yrs 11 mo | First Energy Private Limited |
| Ravi Vithal Damaraju DIN 09554649 | CEO | 08 Nov 2022 | 3 yrs 11 mo | First Energy Private Limited |
| Meher Pheroz Pudumjee DIN 00019581 | Director | 30 Sep 2023 | 3 yrs | First Energy Private Limited |
| Sumit Prafulla Rathi DIN 07727272 | CFO | 06 May 2024 | 2 yrs 5 mo | First Energy Private Limited |
| Arun Unni DIN 10831177 | Director | 27 Nov 2024 | 1 yr 10 mo | First Energy Private Limited |
People of First Energy
10 people are tracked at First Energy (10 in leadership); the tracked headcount is 62.
| Name | Role | Group |
|---|---|---|
| Co-Founder | Leadership | |
| Co-Founder | Leadership | |
| Leadership | ||
| Executive Director | Leadership | |
| Leadership | ||
| Leadership | ||
| Leadership | ||
| Executive Director | Leadership | |
| Leadership | ||
| Leadership |
Complete people profiles for First Energy
Full employee and board profiles, team structure, tenure and professional contact details require an active premium plan.
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Verified entity values are shown only after access is granted.
Financials of First Energy
Figures of First Energy Private Limited, the primary company behind First Energy, for FY 2025. Revenue was ₹110 Cr (+21% year on year). Net loss was -₹41.73 Cr (-38% margin). EBITDA was ₹71.29 Cr (65% margin). Revenue has grown at a compounded annual rate of +61% over three years and +43% over five years.
- ₹110 CrRevenue · FY 2025 · +21% YoY
- -₹41.73 CrNet loss · -38% margin
- ₹71.29 CrEBITDA · 65% margin
- ₹646 CrPaid-up capital
- 62Employees (provident fund records)
- +61%Revenue CAGR, 3 years
- +43%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of First Energy Private Limited are on its company page.
Detailed financial statements for First Energy
Statement rows, ratios, five-year trends and downloadable financials of the group companies require an active premium plan.
- Statement rows
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Timeline of First Energy
6 dated milestones of First Energy across 15 years, from founding to its latest funding, stage changes and deals.
- Founded First Energy is founded.
- Exit Acquired by Alchemists Ark.
- Funding First funding round of $1.5M.
- Milestone Reaches Minicorn status.
- Funding Latest funding round, Series A, of $3.2M.
- Exit Acquired by Thermax.
Web traffic of First Energy
Websites that share an audience with First Energy (firstenergy.in).
Websites whose visitors overlap most with First Energy. Affinity shows how closely the audiences match.
| Website | Domain | Audience affinity | Monthly visits | Global rank | Profile |
|---|---|---|---|---|---|
| thebetterindia.com | 100% | 1.6M | #43,555 | View details | |
pciaonline.org | pciaonline.org | 96% | – | ||
businesstoday.intoday.in | businesstoday.intoday.in | 69% | – |
Top companies in Renewable & Sustainable Energy
3 companies that operate in the same segment as First Energy (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Hybrid renewable energy solutions are provided for rural communities. | 2008 | Patna, Bihar, India | USD 73.99 M | USD 3.46 M | 294 | |
Solar energy projects are developed for commercial and industrial clients. | 2011 | Mumbai, Maharashtra, India | USD 442.67 M | USD 166.51 M | 365 | |
Manufacturer of solar PV modules | 1990 | Mumbai, Maharashtra, India | USD 111.38 M | USD 2.77 B | 8,690 |
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Related news about First Energy
Complete news archive for First Energy
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Frequently Asked Questions about First Energy
First Energy was founded in 2005 and raised its 1st funding round 6 years after it was founded.
First Energy is headquartered in Pune, India. It is registered at Pune, Maharashtra, India.
First Energy is a funded company, having raised a total of $4.65M across 2 funding rounds to date. The company's 1st funding round was a Seed of $1.5M, raised on Jan 2011.
First Energy has 62 employees.
The primary company behind First Energy, First Energy Private Limited, reported revenue of ₹110 Cr for FY 2025, up 21% year on year.
First Energy was founded in 2005 in Pune, India, originally as BP Energy India. Acquisition by The Alchemist Ark occurred in 2009. The company is engaged in the production of biomass-fueled stoves, which are distributed under the Oorja brand. Focus is placed on energy-efficient solutions within the renewable energy sector, with operations centered in India.
First Energy has 9 investors. Key investors include Thermax, Alchemists Ark, Puja Kshatriya, Gautam Kshatriya, and Sidharth Kshatriya.
The valuation of First Energy is $9M as of Jul 2015.
First Energy operates through First Energy Private Limited.
Yes. First Energy was acquired by Thermax in December 2020.
The legal entities of First Energy currently have 9 directors, including Meher Pheroz Pudumjee, Sumit Prafulla Rathi, Sampada Vijay Sakhare and others.