Fidelity commits $10m to Greenlight Planet
Fidelity Growth Partners India has led a $10 million round of funding for Greenlight Planet, a US-based manufacturer of solar-powered lanterns for use in off-grid homes in developing countries.
The company, which received $4 million from Bamboo Finance and ZS Associates co-founder P.K. Sinha in 2012, has seen rapid growth in India and Sub-Saharan Africa. It has sold more than three million rooftop solar lighting and phone charging devices and claims to have improved the lives of over 15 million people living in rural and under-electrified areas.
According to a statement, these devices will generate 55 million kilowatt-hours of energy, offset 1.5 million tons of carbon dioxide, and save users over $340 million in fuel costs.
Founded in 2007, Greenlight Planet has 6,000 direct sales agents targeting villages across India, Kenya and Uganda as well as 680 full-time employees based out of 11 offices in the US, Africa, India and China. It is estimated there are 1.2 billion people living off-grid globally. Greenlight Planet will use the new capital to expand distribution as it seeks to reach 100 million off-grid households by 2020.
"Greenlight Planet has established itself as a product leader with a strong brand in the fast-growing off-grid energy segment. We are excited to partner with Greenlight Planet and its exceptional management team as the company embarks on its next phase of growth," said Kabir Narang, a managing director at Fidelity.
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