Freyr Energy Raises INR 58 Crores in Series B Funding EDFI ElectriFI has also invested INR 24 crore in the round. Investors who also participated in the round were Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital.
By Paromita Gupta •
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Freyr Energy, a tech-enabled rooftop solar solutions provider, has raised INR 58 crore in a Series B funding round led by EDFI ElectriFI, an EU-funded impact investment facility managed by EDFI Management Company. EDFI ElectriFI has also invested INR 24 crore in the round.
"We are excited about this fund raise and bringing on-board likeminded investors. This strategic investment reinforces Freyr Energy's commitment to empower 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," shared Radhika Choudary and Saurabh Marda, Co-Founders, Freyr Energy.
Investors who also participated in the round were Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital.
"The solar market for the retail sector in India is highly fragmented and disorganized. In this context, we do see an opportunity to team-up with Freyr Energy in bringing solar solutions combined with technology and consumer financing to allow retail customers to transition seamlessly to solar power and reduce their electricity bills. At EDFI MC, we are proud to have closed this equity transaction together with likeminded investors from different parts of the globe," shared Rodrigo Madrazo, CEO, EDFI Management Company.
However, the official release did not disclose as to for what the funds will be utilised for.
Previously, Freyr Energy raised INR 27 crore in a Series A round in 2018 which was led by C4D Partners, a Netherlands-based Impact Investment Fund.
