The funds raised will be used to boost the technology platform, along with strengthening sales and marketing networks.
Freyr Energy was founded by Saurabh Marda and Radhika Choudary in 2014. The startup provides solar energy solutions to homeowners, businesses & communities simple, making clean energy affordable. Its solutions include rooftop solar panels, water pumps, petrol pumps, and microgrids.
Through SunPro, its technology platform, the startup offers customised solutions to its customers based on their needs and preferences. It has more than 1,000 installations across India, along with footprint across countries like USA, Nigeria, and Ghana.
The startup claims to have recorded a 16X growth in the last four years and has been profitable for the last two years.
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”.
Talking about the investment, 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.”
The latest investment is also expected to create 2,000 direct jobs and support over 400 micro-entrepreneurs, over the next five years.
The government of India has set an ambitious target to achieve 175 GW capacity in renewable energy by 2022, which includes 100 GW of solar power and 60 GW of wind power.