Greenlight Planet raises `21 Crore from Bamboo Finance and Dr. P.K. Sinha
Date: Wednesday , August 01, 2012
Greenlight Planet, a designer and distributor of solar-LED home lights closed an investment round of '21 Crore with Bamboo Finance and Dr. P. K. Sinha, Co-Founder of ZS Associates. The current round follows earlier investments by Dr. Sinha. With the closing of this investment round, Keith Allman from Bamboo Finance joins on the company's board of directors which is currently composed of Dr. P. K. Sinha and the founders, Mayank Sekhsaria, Anish Thakkar, and T. Patrick Walsh.
"With our prior experience in investing in rural electrification companies, we found that Greenlight Planet developed a remarkable business model, which entails the production of high quality products as well as a unique and scalable distribution method to maximize market penetration. Moreover, management spends a significant amount of time in the field to better understand the needs of their clients and transforms that understanding into innovative products", says Keith Allman, Investment Manager, Bamboo Finance.
Greenlight Planet is poised to replace kerosene lamps as the dominant indoor light source for the billion-plus people living without reliable access to an electrical grid, primarily in rural areas of the developing world. The new investment will be used to expand the company's successful model nationwide in India, grow its global partnerships, and to innovate the next generation of high-quality, low-cost energy products specifically designed for rural consumers.
Dr. Sinha adds, "I am pleased to continue to invest in Greenlight Planetís great products and innovative distribution model. But above all, I am investing in its founding team who will undoubtedly continue on the path of learning and innovation. I look forward to "6 by 6" -- Sun King reaching 6 million households by 2016."