Freyr Energy, a solar energy startup, has successfully raised INR 58 crore (approximately $6.9 million) in its Series B funding round. This funding round was led by EDFI ElectriFI and featured participation from Schneider Electric Energy Asia Fund, Lotus Capital LLC, Maybright Ventures, and VT Capital. Founded in 2014 by Radhika Choudary and Saurabh Marda, Freyr Energy offers smart solar rooftop solutions for homes and businesses. The company intends to utilize this new capital to meet the growing demand, expand its team, and invest in product development and marketing.
Saurabh Marda, one of the co-founders, highlighted the opportunity in India’s solar energy market, where the penetration of solar energy remains below 2%. To date, Freyr has raised a total of approximately INR 86 crore (about $10 million) in funding and has achieved significant growth, particularly in independent homes across different tiers of cities. In the upcoming financial year, the company plans to focus on the retail sector.
Freyr’s goal is to simplify the transition to solar power for consumers while reducing electricity costs. The company has digitized the customer journey from exploration to ownership of a solar system through its proprietary SunPro+ App. This approach streamlines the process of designing, procuring, and installing rooftop solar systems, adhering to high-quality standards for optimal system performance.
In the Indian solar energy ecosystem, which was projected to generate 39.95 billion KWh in electricity capacity in 2023, there is potential for significant growth, with an expected CAGR of 7.13% by 2028, according to Statista. Freyr faces competition from other solar energy companies such as Aerem, Loom Solar, and Solar Ladder.
Freyr Energy, a Mumbai-based solar energy startup, has recently raised an impressive INR 58 crore (approximately $6.9 million) in funding for their innovative smart solar rooftop solutions. Sending our best wishes to the entire Freyr Energy team.
Dr Shishir Gupta founder & CEO of StartupLanes
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