Solar energy startup Freyr Energy has raised INR 58 Cr (approx. $6.9 million) in its Series B funding round led by EDFI ElectriFI. Snyder Electric Energy Asia Fund (SEEAA), Lotus Capital LLC, Maybright Ventures and VT Capital also participated in the round.
Founded in 2014 by Radhika Choudary and Saurabh Marda, Fryer offers a range of smart solar grids for homes and businesses.
The co-founders told Inc42 that the startup will use the new capital to meet growing demand, grow its team, and for product development and marketing.
Marda said that solar energy penetration in India is currently less than 2% and the startup aims to tap into this untapped opportunity. He added that Fryer has so far raised around INR 86 Cr (approx $10 Mn) in total funding and has grown 6X in the last two financial years.
“Our growth is spread evenly across tier-I, II, III and IV cities, with independent houses being the major revenue generator. Thus, for the current financial year, we aim to focus mainly on the retail sector,” said Marda.
