Greenlight Planet is a renewable energy (clean energy) startup that is based in India but also has operations in Africa. The startup announced yesterday (06/12/2017) that it has raised US $60 million (Rs. 387 crores) in Series A round of funding from the London – based VC firm, Apis Partners. The startup’s existing investors like Eight Roads Ventures and Bamboo Capital Partners are also reported to have participated in that round of funding. Greenlight provides loans at low rate of interests for people who want to buy solar energy – based products. The startup will use the funds to enhance the production of its products, enhance its distribution networks and financing capabilities and increase its presence both in Asia and Africa. Read more on Investments
“Today, for less than the cost of a single electrical pole, we can provide a solar home system with enough energy to power a complete range of appliances needed by rural consumers. Apis’s investment will allow us to continue expanding access to these life-changing products”, said Patrick Walsh, co-founder and CEO of Greenlight Planet.
“We look forward to drawing upon the expertise of Apis Partners to build on our mission to connect off-grid, unbanked populations to power and financing. This is the first step toward solutions for an expanded range of life necessities, from cookstoves to fans, TVs and more”, said Anish Thakkar, co-founder of Greenlight.
Greenlight claims that it has been profitable over the last ten quarters. The startup employs a pay-as-you-go (PAYG) distribution model where customers can pay for their products through instalments using a mobile phone-based payment app. The instalment amount can be as low as 25 cents (Rs. 16) a day or Rs. 480 (US $7.50) per month! It usually takes on an average 6 to 8 months to make the complete payment for any of the startup’s products. This way, the startup claims, that it makes solar energy more cost effective and affordable to the people around the world than when they use traditional coal-powered electricity. Greenlight Planet was founded in January 2014. The startup claims that till date, it has sold more than 600,000 of its solar energy – based products.
The other renewable energy – based startups to get funded this year (2017) include the renewable energy startup, Carbon Masters India Pvt. Ltd., which secured an undisclosed amount of seed funding from Sangam Ventures and Indian Angel Networks (IAN) during June, this year. The renewable energy startup, EnergosCloud, secured an undisclosed amount of seed funding from a clutch of angel investors during September, this year. The solar energy-based startup, Cleanmax Solar, raised US $100 million in Series C round of funding from Warburg Pincus during July, this year (2017) just to name a few.