Solar energy startup Freyr Energy raises Rs 27 Cr in Series A funding
The investment into Freyr Energy is expected to create over 2,000 new jobs and support around 400 micro-entrepreneurs in the next five years.
Freyr Energy, a four-year old Hyderabad-based rooftop solar startup, has raised Rs 27 crore in Series A funding led by C4D Partners, a Netherlands-based Impact Investment Fund. The investment into the firm was primarily a mix of equity and debt.
Last year, Freyr Energy had secured seed funding from Doen-Participaties, another Netherlands-based investment company that has a strong track record of investing into innovative and sustainable startups.
The funds will be utilised towards strengthening the technology platform and enhancing the sales and marketing networks, according to a press release issued by the company.
The investment is also expected to create 2,000 direct jobs and support more than 400 micro-entrepreneurs in the next five years.
Freyr Energy’s technology platform, SunPro, was developed to provide customised solutions to the customers where it believes in making solar energy more accessible for homeowners, businesses and communities around the world.
According to Freyr Energy, it has recorded a 16X growth in revenue in the last four years and has been profitable for the last two years. It currently has 1,000 plus installations across 18 states in India and a customer base in the USA, Nigeria and Ghana.
Commenting on the investment received, Saurabh Marda, Co-founder, Freyr Energy said, “Freyr Energy is committed to leveraging its technology platform to accelerate growth of decentralised solar both in India and major solar markets around the world”.
Commenting on the investment , Arvind Agarwal, Managing Director, C4D said, “Freyr has a strong technology platform to scale the business and achieve wider customer base in India and internationally. We will continue to invest in Fryer in the future rounds as well to unlock synergies with other portfolio companies globally.”