Tech-enabled rooftop solar solutions providing firm Freyr Energy on Monday said it has raised Rs 58 crore ($7 million) in its Series B funding round led by EDFI ElectriFI (Electrification Financing Initiative), an EU-funded impact investment facility managed by EDFI Management Company.
The round also saw participation from Schneider Electric Energy Asia Fund, Lotus Capital LLC, Maybright Ventures and VT Capital.
Freyr plans use the fresh funds to expand its team for product development and marketing.
Hyderabad-based Freyr Energy, which was founded in 2014 by Saurabh Marda and Radhika Choudary, is a full-service solar systems integration and solutions company. It primarily caters to retail customers, which include homeowners as well as micro, small and medium enterprises.
“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,” said Rodrigo Madrazo, chief executive officer of EDFI Management company.
Prior to this, the company had raised Rs 27 crore in a Series A round of funding led by Netherlands-based impact investment fund C4D Partners. It had raised seed funding from another Netherlands-based investment company, Doen Participaties.
Meanwhile, ElectriFI, which is managed by EDFI Management Company, is an impact-first investment facility, funded by the European Union. It is investing in early-stage private companies and projects that increase or improve access to and supply of sustainable energy in developing countries.
So far, the fund, which has an investment corpus of more than €275 million, has deployed €124 million across 46 investments in 22 countries.
