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Tech-enabled rooftop solar solutions providing startup Freyr Energy has raised Rs 58 crore in a Series B funding round led by EDFI ElectriFI (Electrification Financing Initiative), an EU-funded impact investment facility managed by EDFI Management Company.
According to the company's statement, EDFI ElectriFI invested close to Rs 24 crore, while the remaining capital came from Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.
Focusing on global presence expansion
With this round of funding, Freyr plans to utilize the raised capital to scale its product development and marketing initiatives and teams to continue expanding its presence in the global market.
Rodrigo Madrazo, CEO of EDFI Management company, said, “The solar market for the retail sector in India is highly fragmented and disorganized. In this context, we do see an opportunity to team-up with Freyr Energy in bringing solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills."
What does Freyr Energy do?
Founded in 2014 by Saurabh Marda and Radhika Choudary, The startup provides full-service solar system integration and solutions to retail customers, including homeowners and MSMEs.
Prior to this round, Freyr Energy raised Rs 27 crore in a Series A funding round in 2018 led by Netherlands-based impact investment fund C4D Partners.
Radhika and Saurabh said, "This strategic investment reinforces Freyr Energy’s commitment to empower Indian retail customers and will allow us to make investments in building our team, product development and marketing to continue scaling at a rapid pace."
What does EDFI ElectriFI do?
The Electrification Financing Initiative – ElectriFI, managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union.
The firm is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries.
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