Hyderabad-based rooftop solar startup Freyr Energy has raised INR 27 crores in Series A round of funding from Netherland-based C4D Partners. Freyr Energy will use the freshly raised capital to ramp up its technology and increase the strength of sales and channel partner network. The startup will also focus on product marketing to some extent.
The startup has committed to creating more than 2,000 direct jobs and supports more than 400 micro-entrepreneurs in the upcoming five years. Freyr’s product includes rooftop systems, petrol pumps, solar water pumps as well as microgrids. The startup’s mobile application known as Freyr SunPro helps customers to run their solar business easily. The flagship product uses a mix of complex algorithms to identify the best possible solution for customers.
Founded by Saurabh Marda and Radhika Choudary in 2014, the startup has recorded a 16 fold growth in revenue in the last four years. The startup also claims to be profitable for the last two years. The startup has more than 1,000 installations across 18 states in India. Furthermore, the firm has a global presence in countries like Ghana, the US, Nigeria and Singapore.
Earlier Freyr Energy has raised INR 4 crores in an angel round of funding from a Hyderabad based angel investor. Another Dutch investment company Doen-Participaties has also invested an undisclosed amount of seed capital in the firm earlier.
The startup competes with startups like ZunRoof, CleanMax Solar, Orjan and several other startups. Venture capital firms like Masayoshi Son-led SoftBank has shown valuable interest in the Indian solar industry.