Greenlight Planet has risen over $10 million in its most recent round of funding.
The funding, which was led by Fidelity Growth Partners India, is the second round of fundraising for the off-grid company, following a first round in 2012 which raised $4 million. The news comes as Greenlight Planet launches Sun King Eco Easy Buy, its new pay-as-you-go platform which allows customers to purchase its solar lamps in installments.
Anish Thakkar, co-founder of Greenlight Planet, said in a statement, As a result of this financing, were building the worlds largest rooftop solar consumer base in emerging markets, and were investing especially to expand distribution in India and Southeast Asia.
The Easy Buy system allows customers to make a $2.75 up-front payment at the time of purchase, followed by successive weekly payments of $1.00 after which the lamp is owned fully by the customer. Greenlight Planets ambitions for its Easy Buy scheme are to begin sales through its direct sales network before a later worldwide launch.
Other participants in the second round of funding included Deutsche Bank and investment firm Global Partnerships. The funds in question will be used for expanding the distribution network of Greenlight Planet and product research. As part of the deal, Kabir Narang, managing director of Fidelity Growth Partners India, is to joint Greenlight Planets board.
Greenlight Planet was formed in 2007 and sells its products across India and sub-Saharan Africa. In that time, the firm says, it has sold almost 3 million devices.