Rooftop solar startup Freyr Energy has raised Rs 27 Cr in Series A round led by Netherland-based C4D Partners. The firm had earlier raised undisclosed seed capital Doen-Participaties, another Dutch-based investment company.
The Hyderabad-headquartered startup will use the fresh funds (primarily a mix of equity and debt) to ramp up its technology, increase the strength of sales and channel partner network and some product marketing.
Besides, Freyr Energy commits to create more than 2,000 direct jobs and support more than 400 micro-entrepreneurs in the next five years.
A full-stack solar solutions provider, Freyr’s products range from rooftop systems, petrol pumps, solar water pumps to microgrids.
Freyr SunPro, the startup’s mobile application for iOS and Android devices helps customers to run their solar business with ease. The flagship product uses complex algorithms to identify the best possible solution for a customer.
Launched in 2014 by Saurabh Marda and Radhika Choudary, the startup claims to have recorded a 16X growth in revenue in the last four years and has been profitable for the last two years.
Freyr has over 1,000 installations across 18 States in India and has footprints across Singapore, USA, Ghana, and Nigeria.
Previously, Freyr had also raised Rs 4 crore in its angel round of funding from a Hyderabad-based affluent individual.
The development comes amidst SoftBank showing deep interest in the Indian solar industry. The Masayoshi Son-led group even promised to provide free solar power to India and other International Solar Alliance member-countries if they sign power purchase agreements with the Japanese conglomerate.
In rooftop solar space, Freyr competes with ZunRoof, CleanMax Solar, Orjan among others.
The development was reported by BusinessLine.