Greenlight has earlier raised about $4.8 million, taking the total investment raised till date to over $15 million.
Swadha Mishra
Solar energy firm Greenlight Planet has raised $10 million in its Series B round of funding led by Mumbai-based Fidelty Growth Partners India (FGPI) to fund its growth and expansion plans. The deal took almost seven months to complete.
"The whole focus of the business is to invest in new technology. Every year and a half, the products get more powerful, needing more light and more backup at low/affordable price, hence, we need a major technology upgradation to make our products better and affordable. Also, we are growing our distribution channels massively in India and Africa," Anish Harsh Thakkar, CEO & Co-founder, Greenlight Planet, told EntrepreneurIndia.com. Thakkar has been recently included in the prestigious list of Forbes 2015, 30 under 30 in Energy category.
Greenlight has earlier raised about $4.8 million in equity, taking the total investment raised till date to over $15 million.
Greenlight Planet was founded in 2008 by Thakkar along with his other electrical engineering batchmates from University of Illinois, Canada. The firm is on a mission to revolutionise rural energy access for the 1.5 billion off-grid villagers who use dangerous kerosene lanterns for light. In five years, Greenlight claims to have sold over 3 million solar lights to off-grid families in South Asia and Africa and has acquired 1 million customers over the last six months.
Greenlight produces a solar-powered LED lantern called the Sun King. The company sells Sun King lamps starting from Rs 650. Greenlight works with a network of distributors, microfinance lenders and social organisations.
The company's mission is to make energy more affordable and environmentally sustainable. The goal is to sell 100 million lamps by 2020.
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