Optimist, an AC business founded by the founder of Urban Ladder, raises $12 million from Accel, Arkam Ventures, and other sources

Urban Ladder Cofounder Ashish Goel’s AC Startup Optimist Raises $12 Million

Air conditioning startup Optimist, founded by Urban Ladder cofounder Ashish Goel, has raised $12 million in a funding round led by Accel and Arkam Ventures. The round also saw participation from Sparrow Capital and angel investors including Ather Energy founders Tarun Mehta and Swapnil Jain, and Bombay Shaving Company founder Shantanu Deshpande, among others.

The Gurugram-based company plans to use the capital to invest in research and development, expand its go-to-market strategy, strengthen its retail service network, and scale up manufacturing.

Founded in 2024 by Goel and Pranav Chopra, Optimist designs and manufactures air conditioners tailored for Indian climate conditions. “With increasing heat stress, current air conditioners are neither designed for the changing climate nor built with the Indian consumer in mind,” Goel told The Economic Times.

According to Goel, India’s air conditioning market is valued at Rs 55,000–60,000 crore, but penetration remains low at around 8%, indicating significant growth potential. “The two biggest outcomes we have focused on with our AC are delivering high-grade cooling and making it as energy-efficient as possible,” he said.

Optimist will sell its products through its direct-to-consumer (D2C) platform and exclusive brand stores. The startup plans to launch its products next month across Delhi NCR, Rajasthan, Telangana, and Bengaluru, before expanding to other cities.

“Customers are not buying a product for just this year. Everyone knows it’s getting warmer. When a heatwave worse than 2024 hits, we need to be ready with a better product,” Goel added.

Goel’s previous venture, online furniture retailer Urban Ladder, was acquired by Reliance Industries in 2020. Reliance Retail Ventures purchased a 96% stake for Rs 182 crore in an all-cash deal, widely seen as a distress sale amid rising competition from Amazon, Flipkart, and niche ecommerce players.

Commenting on the investment, Prashanth Prakash, partner at Accel, said, “As cooling demand rises alongside climate pressures, efficient and reliable air conditioning will become critical infrastructure.”
Bala Srinivasa, managing director at Arkam Ventures, added, “The Optimist team is reimagining how cost-effective and efficient cooling can address heat stress impacting hundreds of millions of Indians.”