India's retail sector currently consumes more than 50% of the country's total electricity. However, rooftop solar installations constitute less than 2% of this energy mix.
Given that solar power is substantially cheaper than grid power, this market has enormous potential, and Freyr Energy is strategically positioning itself to become a frontrunner and create significant economic and environmental benefits. The solar startup has now raised INR 58 crore (~ $7 million) in a recent Series B round.
Founded in 2014 by Saurabh Marda and Radhika Choudary and headquartered in Hyderabad, India. Freyr Energy operates as a full-service solar systems integration and solutions company, from the procurement and installation to the management of rooftop solar systems. Its customer base primarily comprises homeowners and micro, small, and medium enterprises.
The new funding, which follows an equity investment of INR 18 crore ($2.16 million) in April 2021 and a $1.5 million Series A from C4D Partners in 2018, will be utilized to expand its team, further develop its products, and enhance its marketing efforts, as highlighted in a press release by Freyr Energy.
The funding round was spearheaded by EDFI ElectriFI, an impact investment initiative funded by the European Union and managed by EDFI Management Company. It also featured prominent investors like Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.
Over the past year, India's solar technology landscape has been buzzing with activity, witnessing notable fundraises by several solar startups such as Ellipsol, Aerem, SolarLadder, and SolarSquare.
Others like Zunroof, Cleantech, Mysun, Oorjan, and Loom Solar have also witnessed spectacular raises during that time.