Solar Startup Freyr Energy Raises Rs 58 Cr in Series B Funding
- ByStartupStory | October 16, 2023
Hyderabad-based rooftop solar startup, Freyr Energy, has secured Rs 58 crore (approximately $7 million) in a Series B funding round. The primary investment of $3 million came from EDFI ElectriFI, an EU-backed impact investment facility managed by EDFI Management Company, with participation from investors including Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital. To date, the startup has amassed a total funding of $10.5 million.
Founded in 2014, Freyr Energy focuses on serving residential and MSME sectors, facilitating their transition to solar energy. The company has streamlined the entire customer journey, from exploration to solar system ownership, through its proprietary SunPro+ App.
“The solar market for the retail sector in India is highly fragmented and disorganized. In this context, we see an opportunity to collaborate with Freyr Energy to provide solar solutions, integrated with technology and consumer financing, enabling retail customers to seamlessly transition to solar power and reduce their electricity bills,” remarked Rodrigo Madrazo, CEO of EDFI Management Company.
Co-founders Radhika Choudary and Saurabh Marda expressed their commitment to empowering Indian retail customers and leveraging this strategic investment to expand their team, develop their product, and enhance marketing efforts, enabling rapid scaling.
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Back in April 2021, the company secured Rs 18 crore in equity funding from investors including Total Carbon Neutrality Ventures, Schneider Electric Energy Access Asia, and C4D Partners.
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