[Funding alert] Solar energy startup Freyr Energy raises Rs 18Cr in a fresh equity round

Hyderabad-based rooftop solar startup Freyr Energy on Wednesday said it has raised Rs 18 crore in equity investment from Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.

According to the official statement, the startup will use the fresh funding to accelerate growth and enhance its customer experience. 

Speaking about the investment, Saurabh Marda, Co-founder and Managing Director, Freyr Energy, said,

“Along with our existing investor C4D Partners, strategic investors like Total Carbon Neutrality Ventures and Schneider Electric Energy Access Asia, provide us not only capital but global experience in the energy sector.”

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Commenting on the follow-on investment, Arvind, Partner at C4D Partners, said, “Through its technology, Freyr Energy has the potential to change how rooftop solar is sold and managed in India and other countries. Freyr Energy could bring much-needed consolidation in the sector.”

Recently, Freyr Energy launched its customer app, SunPro+, through which it has made the process of owning a solar system simple and seamless.

Florian Temime, Principal, Total Carbon Neutrality Ventures, the venture capital arm of Total, said, “Freyr Energy has fully digitalised the customer journey, thanks to its proprietary software environment SunPro+. We are convinced that this innovative software will ease the acquisition of rooftop solar customers and facilitate the​ entire customer journey from acquisition through to financing, execution, and after-sales service. We see SunPro+ as a key success factor for Freyr’s development.”

Founded in 2014 by Radhika Choudary and Saurabh Marda, Freyr Energy caters to residential and MSME sectors, catering to customers across 22 states in India.

Gilles Vermot Desroches, President, SEEA Asia, and SVP at Schneider Electric, added, “Through the innovative and scalable SunPro+ solution, Freyr Energy can contribute to mass-market adoption of solar energy, generating significant environmental impact, while creating employment opportunities within its network of vendors.”