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D.light Raises $5.5 Mn In Series A Round

By Madhav A Chanchani

  • 06 Nov 2008

New Delhi-based D.light Design, which provides affordable lighting and power solutions, has raised $5.5 million in Series A financing. The round is led by Nexus India Capital, along with Draper Fisher Jurvetson, Garage Technology Ventures, Mahindra & Mahindra, Acumen Fund and Gray Matters Capital. All of these investors have also been angel backers of D.light.  Acumen Fund, which is a non-profit venture fund, has invested $1 million in the company.

D.light design has a series of solar LED lights with AC charging options, designed as an affordable alternative to replace kerosene lanterns. The product is targeted at off-grid customers and the product price ranges from $10-$20. D.light uses high-powered LEDs that are 8-10 times brighter than a kerosene lantern, and 30-50% more efficient than fluorescent lights, and can provide up to 40 hours of light on a single charge. Currently D.light's products are sold in India and Africa and now it plans to expand its global operations.

Cleantech Investments Rising In India

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Venture capital funds in India have been stepping up their investments in the cleantech and renewable energy space. Recently, KPCB and Sherpalo Ventures invested $8 million in renewable energy company Kotak Urja Pvt Ltd. Deeya Energy Inc, a cleantech company focused on developing and manufacturing novel energy storage systems, has raised $22.5 million in two rounds of funding from NEA, DFJ and BlueRun Venture. Then two waste management companies, Kam-Avida Enviro Engineers and Attero Recycling, also raised funding in August this year from Peepul Capital and DFJ & NEA-IndoUS respectively.

Then there have also been a couple of big ticket deals in past two months. Moser Baer PhotoVoltaic, a fully owned subsidiary of Moser Baer has raised $92.5 million in second round of funding, from a consortium of investors including Nomura, IDFC PE, Morgan Stanley and Credit Suisse. Trans-India Acquisition Corporation, a blank check firm, also announced its reverse merger with Hyderabad-based photovoltaic (PV) modules maker Solar Semiconductors Ltd. TIL will acquire at least an 80% stake for $375 million.

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