Hyderabad-based rooftop solar startup raised Rs 58 crore (about 7 million) in a Series B round led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company, which invested $3 million.
Investors, like Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital, also participated in the round. So far, the startup has raised $10.5 million in total funding.
“This strategic investment reinforces Freyr Energy’s commitment to empowering 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,” said Co-founders Radhika Choudary and Saurabh Marda.
Founded in 2014, Freyr Energy caters to residential and MSME sectors, helping in transition to solar energy. The startup has digitised the entire customer journey from exploring to owning a solar system through its proprietary product, SunPro+ App.
“The solar market for the retail sector in India is highly fragmented and disorganised. 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. At EDFI MC, we are proud to have closed this equity transaction together with like-minded investors from different parts of the globe,” said Rodrigo Madrazo, CEO of EDFI Management company.
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In April 2021, the startup raised Rs 18 crore in equity investment from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.
Edited by Suman Singh
