Fidelity Growth Partners India has invested $10 Mn in clean tech product company, Greenlight Planet. The Series B round also saw the participation from Deutsche Bank and Seattle-based impact investing firm Global Partnerships.
The over five year old venture manufactures solar lamps and with the current funding it seeks to expand distribution in India and Southeast Asia.
Founded by T. Patrick Walsh, a University of Illinois student along with Mayank Sekhsaria and Anish Thakkar claims to have sold over 3 million solar lamps and phone charging devices across 30 countries in the world and is aiming for 100 million off-grid households by 2020.
Currently the company employs close to 700 employees across its offices in Africa, China, India, and the US with another 6000 direct village sales agents connecting the villages in India, Kenya and Uganda.
The company’s flagship product Sun King boasts of providing 16 hours of light to households daily, offset 1.5 million tons of CO2, and cost R650. To complement this, it came up with Easy Buy, a pay as you go platform enabling its users to purchase the product in 10 week installments.
It had raised $4 Mn in Series A from Bamboo Finance in 2012.
Recently, Cleantech startup Boond Engineering & Development raised an undisclosed amount of investment in its Series A round led by Opes Impact fund.
Fidelity Growth Partners India is the private equity arm of Fidelity International Limited focused on investing in India. Typically, FGPI invests between $10 Mn and $ 50 Mn for a minority stake in the company. Since 2008, FGPI has made several investments across sectors including Healthcare and Life Sciences, Technology, Consumer and Manufacturing.
The fund’s portfolio consists of Cygnus Medicare, Trivitron Healthcare, Laurus Labs, Milk Mantra among others.