US-based Greenlight Planet Inc, a designer and distributor of solar LED home lights, has raised $5 million in its third round of funding led by Overseas Private Investment Corporation (OPIC), according to a press release.
Previously, the company that distributes solar energy products for off-grid homes in emerging markets, received seed funding from Prabhakant Sinha, co-founder of ZS Associates, followed by a Series A funding led by Bamboo finance.
Last year, it had raised $10 million investment in Series B round of funding led by Fidelity Growth Partners India to enhance distribution in India and Southeast Asia.
“This financing enables us to massively expand distribution globally and commercialise a much demanded pay-as-you-go solution by our consumers,” said Anish Thakkar, CEO and co-founder of Greenlight Planet.
Since its inception in 2009, Greenlight Planet has sold over 4.5 million Sun King solar lighting and phone charging devices, impacting the lives of over 15 million people living in rural and under-electrified areas.
Now, the company is targeting an aggressive penetration of 30 per cent of off-grid households by 2020.
“Greenlight Planet’s strategy draws together clear development impact goals with a sound business plan and innovative partnerships to open up wider distribution. I am looking forward to the results of OPIC’s support to the firm,” said Elizabeth Littlefield, OPIC’s President and CEO.
Greenlight Planet distributes solar energy products for off-grid homes in emerging markets and has experienced rapid growth in India and Sub-Saharan Africa.
The company designs Sun King brand of solar lanterns and distributes its products through a direct sales force comprising local community members.