January 18, 2017

Greenlight Planet

Providing cost-effective solutions to rural energy problems through well-designed solar products

Investment highlights

  • Greenlight Planet produces solar lanterns and entry-level solar home systems, initially for India but now for over 40 countries globally. It has developed from a start-up in the off-grid energy market into a business that sells more than 5,000 products per day.
  • 2012: Bamboo made a $2m equity investment. Key factors in the decision to invest were Greenlight’s strong management, outstanding product design capability, and early focus on distribution. Besides building its own last-mile distribution channel, Greenlight Planet developed solid partnerships with a large number of distributors,  enabling revenue and risk diversification while accessing new markets
  • 2013-14: Based on its off-grid energy experience, Bamboo supported Greenlight Planet on the board with strategic advice, helped accessing further debt and equity financing and negotiating a new financing round. Bamboo also provided bridge financing until the close of series B funding
  • 2016: Greenlight Planet’s revenues increased tenfold between 2012 and 2016, and the company reached positive Ebitda in 2015.

Bamboo focus and added value

Bamboo played a critical role in negotiations for the series B round with Fidelity Growth Partners, which invested $8m of funding at a valuation 2.5x Bamboo’s valuation. That meant an unrealised IRR for Bamboo of 37%

Greenlight is a powerful example of Bamboo’s social impact. It has already positively affected over 24 million lives and reached 6 million + off-grid households.

As a result of its products, 25% of users claim an increase in household income, 75% of users claim an increase in study time, there are 9m tons less CO2 pollution per year and 10,000+ deadly house fires have been prevented