Freyr plans to utilise the fund to improve its technology platform, increase sales and network support to further boost its national and global business
Freyr Energy, a Hyderabad-based rooftop solar company, has announced that it has raised an investment of Rs. 27 crore from C4D Partners, a Netherlands-based Impact Investment Fund, to strengthen its technology platform and enhance sales and marketing networks.
Commenting on the funding received, Saurabh Marda, Co-Founder, Freyr Energy said, “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.” He added that the company is committed to leveraging its technology platform to accelerate the growth of decentralised solar in India and major solar markets around the world.
Freyr
The firm mainly focuses on making solar energy more accessible to homeowners, businesses and communities around the world. Its technology platform, SunPro, provides customised solutions to the customers. Freyr has recorded a 16X growth in revenue in the last four years and has been profitable for the last two years.
It has a customer base in the US, Nigeria and Ghana and over 1000 installations across 18 states in India.
Job opportunities
Arvind Agarwal, Managing Director, C4D, said that 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.
He asserted that Freyr has a strong technology platform to scale the business and achieve a wider customer base in India and internationally. Agarwal also revealed that C4D would continue to invest in Freyr in the future to unlock synergies with other portfolio companies globally.
The investment is primarily a mix of equity and debt. In 2017, the Hyderabad-based firm secured seed funding from Doen-Participaties, another Netherlands-based investment company that holds a strong record of investments in innovative and sustainable start-ups.
