Tech-enabled rooftop solar company Freyr Energy has raised an equity investment of ₹58 crore in its Series B round.
The round was led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company, which invested $3 million, along with other partners including Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.
“The strategic investment reinforces our commitment to empowering Indian retail customers and will allow us to make investments in building our team, product development, and marketing to continue scaling at a rapid pace,” said Radhika and Saurabh (Co-Founders, Freyr Energy).
The solar market for the retail sector in India is highly fragmented and disorganised, according to Rodrigo Madrazo, CEO of EDFI Management. “We saw an opportunity with Freyr Energy to bring solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills,” he added.
India’s retail sector accounts for more than 50 per cent of its total electricity consumption. Meanwhile, rooftop solar makes up less than 2 per cent of this energy mix today. “Solar power, which is 60 percent less expensive than grid power, presents a substantial market opportunity,” explained Abhishek Agarwal (Founder and Managing Partner, Lotus Capital LLC).