Freyr Energy Secures Rs 27 Crore in Series A Funding

Saurabh Marda, Founder and Managing Director, Freyr Energy

Freyr Energy will use the funding to strengthen the technology aspect of their operations while enhancing the sales and marketing networks.

Hyderabad-based Freyr Energy, a solar rooftop startup, has raised Rs 27 crore from C4D Partners, a Netherlands-based Impact Investment Fund in Series A.

Prior to this, Freyr Energy had secured seed funding from Doen-Participaties, which is another investment company based in Netherlands. The current funding from C4D Partners is a mix of equity and debt.

Freyr Energy will use the funding to strengthen the technology part of their operations while enhancing the sales and marketing networks. The investment is also slated to employ 2000 people directly and will also support 400 micro-entrepreneurs in the next three to four years.

SunPro, the technology platform of Freyr Energy was developed keeping in mind the complex needs of the solar customers. The android app, SunPro, provides customised solutions to the customers with a belief of making solar energy more accessible to the communities around the world.

Commenting on the investment received, Saurabh Marda, Co-founder, Freyr Energy said, “Freyr Energy is committed to leveraging its technology platform to accelerate growth of decentralised solar both in India and major solar markets around the world”.

Arvind Agarwal, Managing Director, C4D said, “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.”

Freyr Energy’s revenue grew 16 times in the last four years and the company has been profitable since the last two years. Freyr’s portfolio includes 1000 plus installations spread in 18 Indian states with a customer base in Nigeria, Ghana and the USA.