Freyr Energy, a company specializing in tech-enabled rooftop solar solutions, announced that it has successfully raised ₹58 crore in its Series B funding round. The round was led by EDFI ElectriFI (Electrification Financing Initiative), an EU-funded impact investment facility managed by EDFI Management Company.
EDFI ElectriFI contributed approximately ₹24 crore to the funding, with the remainder coming from prominent investors including Schneider Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures, and VT Capital.
The Hyderabad-based startup, founded in 2014 by Saurabh Marda and Radhika Choudary, offers comprehensive solar systems integration and solutions. Freyr Energy primarily serves retail customers, encompassing homeowners and micro, small, and medium enterprises. The company’s focus is on delivering renewable energy solutions combined with cutting-edge technology and consumer financing to facilitate a seamless transition to solar power, allowing customers to reduce their electricity bills.
The funding round is expected to empower Freyr Energy to bolster its product development and marketing teams, supporting its ongoing growth and expansion efforts. The solar market for the retail sector in India is characterized by fragmentation and disorganization, and Freyr Energy aims to leverage technology and innovative financing to simplify the adoption of solar energy for retail customers.
Rodrigo Madrazo, CEO of EDFI Management, commented on the investment, saying, “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.”
This Series B funding round follows a previous successful funding effort by Freyr Energy. The company had previously secured ₹27 crore in a Series A round, with backing from Netherlands-based impact investment fund C4D Partners and initial seed funding from Dutch investment company Doen Participaties.
ElectriFI, managed by EDFI Management Company, is an investment facility supported by the European Union. It is focused on making early-stage investments in private companies and projects aimed at expanding access to and the supply of sustainable energy in developing countries. With a total corpus exceeding €275 million, ElectriFI has deployed €124 million across 46 investments in 22 countries, illustrating its commitment to promoting sustainable energy solutions globally.
