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
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.