Ruchir Punjabi: What if profit took a backseat to purpose?

In Episode 8 of Impact Stories, Ronny Eriksson from New Nordic Way interviews Ruchir Punjabi, founder of Distributed Energy, to explore how technology and business can catalyze transformative change. 

Ruchir shares his journey from creative technologies to solar financing, focusing on enabling small and medium businesses in emerging markets to transition to affordable, clean energy. With candid insights on scaling impact and the essential balance between financial viability and social good, Ruchir offers a thought-provoking perspective on the potential of technology to empower underserved communities. 

Listen to discover a fresh vision for impact investment.

Transcript

Ronny Eriksson: Ruchir, you’ve founded multiple ventures, including Langoor—a creative technology agency spanning across Asia, India, Singapore, Hong Kong, and Australia. Today, you lead Distributed Energy, a platform that makes solar power more accessible and affordable in emerging markets.

As an impact investor, you’re committed to supporting startups that create significant social and environmental impact. Your investment philosophy reflects a belief in the power of technology and business as tools for positive change. You also host a podcast, so it’s a pleasure to have you here today. Welcome.

Ruchir Punjabi: Thank you so much for having me.

Ronny Eriksson: Each episode here at Katapult Future Fest begins with a “what if” question, so here’s yours: What if more of us viewed technology and business as tools for positive impact rather than just for financial gain?

Ruchir Punjabi: That’s a crucial question, especially given the context I come from—India and, more broadly, the Global South. I believe that to elevate billions of lives, especially in these regions, technology isn’t optional; it’s essential. The Global South cannot replicate the growth models of the West; it has to leapfrog through technological investment to improve people’s lives.

Take India, for example. It now has one of the world’s highest volumes of digital payment transactions—this wasn’t driven by private capital but rather by government policy and public infrastructure. Today, peer-to-peer payments are widespread, with minimal cash usage in everyday transactions. This shift was only possible by investing in technology.

For the Global South, adopting tech isn’t just a hypothetical “what if” scenario. It’s the only viable path forward.

Ronny Eriksson: I agree completely. There’s a hunger for opportunity in these regions, but the supporting ecosystems aren’t always in place. In the West, technology often serves financial gain rather than impact.

So perhaps the “what if” question becomes: What if we directed our focus toward positive impact? What would we need to achieve that?

Ruchir Punjabi: The unfortunate reality is that, in the system we’ve built, economics play a vital role. Institutional capital, which holds the most substantial resources, enables scalability. My day-to-day work involves financing solar for emerging markets, and the impact is significant. For instance, we’re currently converting a large factory in India to solar. This change will reduce emissions considerably, but it’s only possible because our investors see a return.

In our capitalistic system, creating impact at scale without aligning with economic incentives is nearly impossible. We can create smaller-scale impact, but large-scale solutions require the economics to work.

Ronny Eriksson: That’s a realistic outlook. It’s why “what if” questions are crucial—they inspire future possibilities.

You seem well-versed in this space. Could you share how you transitioned from the agency world to renewable energy?

Ruchir Punjabi: I get that question a lot. I see myself as an organization builder and a talent recruiter. The agency world captivated me when we were focusing on automation and technology investments, but eventually, media revenue dominated my attention. Although we grew fivefold in three years, I found myself missing the purpose-driven impact I wanted. So, I decided to exit.

During this period, I met my current business partner, Matthew, who previously led a large energy company. He introduced me to the idea of solar investments in emerging markets. We realized that many investors in this space focus on people over technology and typically only target large-scale projects. But small and medium enterprises (SMEs) were being left behind. This gap became our focus.

We decided to support SMEs by providing financing for renewable energy projects of around 250 kW, about $125,000 each—relatively small for renewable investments. But SMEs are the lifeblood of emerging economies, consuming around 90% of their energy. If we’re serious about energy transition, we have to address their needs.

Ronny Eriksson: It’s fascinating. You’re tackling both the financial model and societal change, making the shift to renewables accessible for SMEs. Are there challenges in convincing investors?

Ruchir Punjabi: Absolutely. Many impact investors still hesitate when it comes to emerging markets, especially in the Global South. It requires consistent education and relationship-building, particularly in Western markets where much of the impact capital resides.

Now, part of my role involves attending conferences like Katapult Future Fest to help investors understand the opportunities and risks. Many institutional investors want stability and scalability, and they need a solid track record to invest confidently.

Our journey is about building that track record gradually. When we receive smaller investments, we use them to demonstrate results, hoping to attract larger checks over time. George Soros once said, “Invest and investigate,” and that’s exactly the mindset we encourage.

Ronny Eriksson: You’re paving the way, showing what’s possible and educating as you go. What are some of your biggest learnings in this transition?

Ruchir Punjabi: Patience and resilience. Being sustainable and profitable allows us to endure when others can’t. I used to think profit wasn’t a strength, but I’ve realized that in volatile markets, it’s crucial.

Adapting locally is also key. Each market we operate in—from contract structures to enforcement—requires tailored approaches. While I consider myself a solar finance expert, every new market teaches me something different. It’s humbling.

Recently, we started allocating 5% of revenue monthly to self-insurance. Renewable energy investments can be risky, and this buffer offers some security. It’s another layer of resilience we’re building into our model.

Ronny Eriksson: That’s inspiring. You’re also ensuring that your impact approach is financially viable long-term, which many impact projects struggle with.

Ruchir Punjabi: Absolutely. I often think that if we fail, we set back the sector in our regions. I take that responsibility seriously.

Ronny Eriksson: With your ongoing learning, there’s bound to be continuous growth. And, as you mentioned, learning is part of the journey.

Have you attended Katapult Future Fest before?

Ruchir Punjabi: No, this is my first time in Oslo. Thankfully, it’s warmer than I expected! But the contrast between Norway’s cold climate and the sunny regions we operate in is interesting. The availability of capital and expertise here could benefit countries like India, provided we collaborate more.

Ronny Eriksson: Absolutely. Collaboration is essential, and Katapult provides a platform for that exchange of knowledge and resources.

Ruchir Punjabi: A friend of mine once gave me a book called The Go-Giver. It reflects a lot of what I believe—that if you give without expectation, good things come in return. The connections we make here could be pivotal.

Ronny Eriksson: That ties in beautifully with Katapult’s “what if” theme. As we wrap up, do you have a “what if” question?

Ruchir Punjabi: Yes, I often wonder, “What if aliens are real? What would their energy ecosystem look like?” I think about energy abundance—if we could reach that, places like Somaliland wouldn’t pay exorbitant rates for diesel-generated power. Energy access could radically improve lives.

Ronny Eriksson: Energy is foundational to all aspects of life, from lifting a hand to creating social change. Your work reminds us that progress is possible, especially when driven by purpose and collaboration.

Ruchir Punjabi: Thank you. Platforms like this, and people like you, make this journey rewarding. It’s a privilege to connect with so many like-minded individuals.

Ronny Eriksson: Thank you for being here, Ruchir. Your insights are inspiring.

Ruchir Punjabi: Thank you, Ronny, and thanks to New Nordic Way for this opportunity. It’s been a pleasure.