For MSME borrowers

Upgrade your factory. We pay for the install; you repay from the energy savings.

4–6 weeks to close. No recourse to your business — repayment is assigned to the kWh delta the upgrade generates. ₹4L–₹40L typical MSME bundle; larger chiller / cogen / solar facilities (₹2Cr–₹40Cr) close through pool aggregation. Vetted Indian MSMEs only.

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Day 0
Audit + Forecast
Site audit feeds the PINN model. Calibrated savings forecast emerges.
Day 14
Term sheet signed
Facility sized to the P5 floor. Tenor + sculpted amort locked.
Day 21
PO + escrow
Approved installer engaged. USDC escrowed against milestones.
Day 35
Install complete
Equipment commissioned. IoT meters online from day one.
Mo 1+
M&V tranches
Monthly metered savings sculpt the repayment.
End-to-end · 4–6 weeks

What we look for before issuing a term sheet.

We can underwrite the savings — but the business has to be the kind that survives a 1–7 year tenor. Pulled from §4.1 of our underwriting policy.

5+ years operating · 3+ years audited financials
Pre-revenue or first-year operations do not qualify in v0. Audited financials must be available for the last three full years.
GST-compliant + filings current
GSTIN active, monthly filings up to date for the last 12 months. We pull GSTN consent-flow data directly.
Promoter CIBIL ≥ 700
Personal guarantee from at least one promoter; CIBIL pull as part of intake. Sub-700 scores routed to the partner channel.
Indian geography (v0)
Pilot region is India. Indonesia and Vietnam open in 2026 H2. Outside this footprint, please join the waitlist.
ECM has a calibrated forecast
The retrofit category must be one our PINN underwriting model has trained on (see ECM categories below). If not, we route to a partner ESCO.

Seventy-plus ECMs. Six with the tightest calibration.

Our PINN covers 72+ Energy Conservation Measure categories. The six below have the tightest σ — that's where direct underwriting lives today. Smaller MSME bundles (typically $5K–$50K) fund as single-LP deals; larger sites (chillers, cogen, captive solar) fund through pool aggregation. Other ECMs route through partner ESCOs while we collect M&V.

VFDs / motor controls

Variable-frequency drives on pumps, fans, compressors. Tightest σ in our corpus — physics is well-instrumented.

Ticket: $1K–$200K
Single-deal or pool

Compressed-air systems

Leakage repair, sequencing, pressure-band optimization. Dominant ECM category in KISEM textile + plastic audits.

Ticket: $1K–$50K
Single-deal

LED retrofits

Industrial lighting retrofits, including high-bay and warehouse. Predictable load reduction; fast payback.

Ticket: $2K–$300K
Single-deal or pool

Solar PV (rooftop, captive)

Captive solar with net-metering or behind-the-meter. We underwrite the demand-offset, not the export tariff.

Ticket: $50K–$2M
Pool aggregation

Cold storage

Refrigeration efficiency upgrades — compressors, insulation, controls. Cooling-load model accounts for ambient.

Ticket: $50K–$1M
Pool aggregation

Chiller plant upgrades

Magnetic-bearing chillers, plate heat exchangers, BMS controls. HVAC-heavy sites including hotels, hospitals, datacenters.

Ticket: $100K–$3M
Pool aggregation

Cogeneration / heat recovery

CHP, waste-heat recovery, process steam optimization. Highest ticket sizes; σ widens for cogen due to load variability.

Ticket: $200K–$5M
Pool aggregation

Not sure if your equipment qualifies? Send the audit report and we’ll scope it.

What a real term sheet looks like.

Illustrative numbers from the HVAC Hotel seed deal. The actual term sheet you receive will pin to your audit + the live PINN forecast for your site.

Non-binding indicative term sheet

Bangalore 4-star hotel · chiller plant retrofit

Facility amount$25,000 (₹20.8L)
Tenor36 months
RepaymentSculpted to monthly metered kWh savings
FloorDSCR @ P5 ≥ 1.30× covenant
Estimated APR (P50 path)11.5% blended
Senior tranche LTV60% of P5 floor
Junior trancheAbsorbs first-loss (§5.5 underwriting policy)
CollateralAssignment of metered kWh delta + personal guarantee from promoter
RecourseNon-recourse to other business lines
DisbursementUSDC, milestone-gated to approved installer
Repayment currencyUSDC (FX via NBFC partner for INR settlement)
M&V cadenceMonthly, IPMVP Option B (IoT meter-based)
Default cure window90 days before recovery hierarchy triggers

Illustrative only. Actual term sheets are issued post-audit and pin to your site’s calibrated forecast. Full policy: UNDERWRITING POLICY ↗

From audit to first M&V tranche in five steps.

Every step is logged. Every step has a contractual SLA. The audit and the loan are the same artifact.

00
Day 0–10

Audit + Forecast

Site audit by a KISEM-affiliated engineer. Inputs feed our PINN underwriting model; output is a calibrated P5 / P50 / P95 savings distribution per ECM with a 90% conformal PI.
01
Day 10–14

Term Sheet

Term sheet auto-generated from the conformal band: facility size pinned to the P5 floor, tenor, sculpted amortization schedule, junior/senior split. Reviewed with the borrower; non-binding.
02
Day 14–21

PO + Escrow

Borrower selects an approved installer; PO issued. Funds escrow into the vault. Personal guarantee + GST consent flow executed. Loan documents assign the metered kWh delta to the SPV.
03
Day 21–35

Install + Commission

Equipment ships direct from approved installer. Commissioning under auditor supervision. IoT meters online from day one. Vendor paid in USDC against milestones.
04
Month 1+

M&V Tranches

Day-30 baseline reconciliation; monthly metered savings vs forecast. Repayment scales to realized kWh. Excess in good months pre-pays or accrues to a reserve.

Your report. Our pipeline. One artifact.

An audit report is already the most expensive part of an MSME's pre-finance work. We don't re-do it — we ingest it. Here's what happens to your data the moment it lands.

01 AUDIT INTAKEhotel.audit.pdfKISEM · 47 fields02 EXTRACTcompany“Hotel · BLR”sector“Hospitality”baseline_kwh482000tariff_inr_kwh8.5ecm[0]“chiller”ecm[1]“IoT_setpoint”floor_area_m211840JSON · normalized03 ECM SPLITChiller plantσ ≈ 0.12IoT setpointσ ≈ 0.12——2 ECMs · grade B04 PHYSICS HEADCooling loadQ = m · cp · ΔTCOP gainη = COP₂ / COP₁Schedule offset∫ P(t)·θ(t) dt✓ physically feasiblePINN · per-ECM05 FORECASTP5P50P95$25K · 36 MO90% PI · DSCR @ P5 = 1.38×One report. Five primitives. One calibrated forecast.
KISEM PORTFOLIO · 12 AUDITS
Already on the ledger.
Dietech India Pvt Ltd · Unit I
Mech. & Metal Casting·Die Cast Manufacturing
Dietech India Pvt Ltd · Unit II
Mech. & Metal Casting·Die Cast Manufacturing
LSI Mech Engineers Pvt Ltd
Mech. & Metal Casting·Mechanical Engineering
Shreyas Machine Tools & Meta Castings
Mech. & Metal Casting·Machine Tools & Metal Castings
Raini Industries India Pvt Ltd
Plastics & Molding·Injection / Blow molding / sheet metal
UNITECH PLASTO COMPONENTS
Plastics & Molding·Injection Moulding
Alphaa Springs Chennai Pvt Ltd
Textiles & Apparel·Yarn Manufacturing
Alpine Knits
Textiles & Apparel·Yarn Manufacturing
Amaravathy Spinning Mills
Textiles & Apparel·Yarn Manufacturing
Gomuki Spinning Mills · Unit 2
Textiles & Apparel·Yarn Manufacturing
Prakash Cotex India LLP
Textiles & Apparel·Weaving Industry
Veejay Syntex Pvt Ltd
Textiles & Apparel·Synthetic Textiles
Underwritten In progress Routed to partner ESCO Not yet reviewed

Audit and underwriting collapse into one motion.

Legacy lenders ask the audit team the same question they then re-ask their analysts: how much will this site save? That serial dependency is why retrofits take 9–18 months. We run it as one motion.

Legacy · serial process
Month 0–2
Hire energy auditor → audit report
Month 2–5
Bank or ESCO re-underwrites the report from scratch
Month 5–8
Loan committee review + approval
Month 8–12+
PO, install, commission
End-to-end: 9–18 months. Most MSMEs drop out before signing.
Amperis · parallel process
Week 0–3
Audit = the underwriting. Term sheet auto-emerges from the conformal band; funds escrow.
Week 3–6
Install + commission. IoT M&V live from day one.
End-to-end: 4–6 weeks. One workflow, one output, one signature.

The retrofit pays for itself, transparently.

Start an application →See live deals