D.light, Inc. is a multinational social enterprise that provides solar-powered solutions like affordable portable solar lanterns to solar home systems that can power multiple lights, mobile phones, and small appliances for households without reliable access to electricity. The company has offices in San Francisco, USA; Nairobi, Kenya; New Delhi, India and Shenzhen, China. The distributed solar provider has raised $41 million in equity financing from a Consortium led by Inspired Evolution, an Africa-focused investment advisory firm that specializes in the energy sector.
The other Consortium partners include the Dutch Development Bank FMO, as well as government-sponsored investment funds Swedfund and Norfund. This funding enables expansion of the company's solar and Pay-Go consumer finance business in Africa thereby bringing the total equity and debt that it has raised in the past two years to over $100 million.
D.light co-founder and CEO Ned Tozun said, “We are thrilled to have Inspired Evolution as the newest funding partner in the d.light family. Their energy expertise and strong network add significant value to the work of d.light, allowing us to expand our product line, launch in new markets, and reach more customers."
The company’s revenue and profitability continue to accelerate with a compelling market share in emerging markets in both Africa and Asia. The firm asserts that the investment combined with solid debt financing and receivables funding solutions will put the company on steep growth trajectory.
Wayne Keast, Managing Partner at Inspired Evolution said that they are excited to partner with d.light to support the expansion of their Pay-Go solar business throughout Africa which would help address the needs of more than 600 million people that do not have access to electricity.
D.light's strong emphasis on product quality and customer service since it's inception has built up a loyal customer base in emerging markets and it continues to profitably sell hundreds of thousands of units per month while maintaining excellent quality at scale.
Since it's founding in 2007, d.light has provided solar energy to more than 88 million people in 62 countries. Further on it expects to impact 100 million people and this latest equity funding from Inspired Evolution and other partners will undeniably accelerate those efforts.