HYDERABAD: Freyr Energy, a Hyderabad-based rooftop solar company, has raised Rs 27 crore through a mix of equity and debt. This Series-A round was led by C4D Partners, a Netherlands-based Impact Investment Fund.
Last year, Freyr Energy had secured seed funding from Doen-Participaties, another Netherlands-based investment company that invests into innovative and sustainable start-ups.
Saurabh Marda, Co-Founder, Freyr Energy said, “Freyr Energy is committed to leveraging its technology platform to accelerate the growth of decentralised solar both in India and major solar markets around the world. The funds raised will be used to continue improving our technology platform, increase the strength of our sales and channel partner network and support our marketing activities to fuel future growth.”
The company has recorded a 16X growth in revenue in the last four years and has been profitable since the last two years. It has over 1,000 installations across 18 States in India and customers in USA, Nigeria and Ghana.
Arvind Agarwal, Managing Director, C4D, said, “The capital support from C4D Partners will help Freyr Energy to create more than 2,000 direct jobs and support more than 400 micro-entrepreneurs in the next five years. 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.”