D.light, a US-headquartered solar energy and light system producer backed by conglomerate Mahindra & Mahindra, has raised $22.5m in financing, $15m of which consisted of equity funding.
The series D equity capital was provided by KawiSafi Ventures Fund, Energy Access Ventures, Omidyar Network and NewQuest Capital Partners, and was raised alongside $2.5m in debt financing from SunFunder.
Shell Foundation, US Agency for International Development – Development Innovation Ventures and United Nations Capital Development Fund were among the backers that added more than $5m in the form of grant funding.
Founded in 2006, D.light makes and distributes solar energy and lighting systems to off-grid communities through hubs located in East Africa, West Africa, India, Southeast Asia and the US.
Kamal Lath, chief financial officer of D.light, said: “Consumer financing for solar home systems makes the technology significantly more affordable for our customers.
“This funding will enable more families and business owners to enjoy access to the affordable, clean and reliable solar energy solutions they need to improve their quality of life.”
D.light has disclosed about $62m in financing. Mahindra & Mahindra contributed to a $6m series A round in 2008 led by Nexus India Capital that included Draper Fisher Jurvetson, Garage Technology Ventures, Acumen Fund and Gray Matters Capital.
– Image courtesy of D.light