SolarHome, a Singapore based startup firm offering PAYG (pay-as-you-go) solar services to off-grid homes in South-East Asia, has apparently received funds worth USD 1.2 million from investors through its fund-raising program. The key officials of the firm have stated that the company has raised the capital through the issue of convertible bonds to the stakeholders.
Reports claim that the names of the investors include X Capital Ventures, Koh Boon Hwee, and Beenext. The firm has declared that it will invest the capital for expanding its pay-as-you-go solar service line & distribution channels across Myanmar. The funding amount is also expected to help SolarHome in building up a strong underwriting functionality that can support its escalating balance sheet.
Incidentally, SolarHome carries out its business operations across the seven hubs in Myanmar and encompasses a workforce of more than 150 field sales representatives as well as installers working at these seven locations. The firm has also deployed more than 4000 PAYG systems across the Ayeyarwady Delta province across the rural part of Myanmar after its first launch early in 2017. For the record, SolarHome has doubled the installation rate of its PAYG systems since the last six months.
The CEO of SolarHome has asserted that the company has a huge target market encompassing 8 million homes in Myanmar. He further announced that the funds collected via the fund-raising program will help the company generate cost-effective renewable energy for nearly 40,000 homes in South East Asia by the end of this year.
With rising renewable energy trends witnessed across the globe, the firm is keen on further expanding its solar service business across the growing markets including the Philippines, Cambodia, and Indonesia. The firm has also reportedly declared that it has collected total funds worth more than USD 2.3 million since last October.
Dhananjay develops content for Market Size Forecasters. A post graduate in mathematics as well as business administration, he worked as a process executive in Infosys BPO Limited before switching his professional genre. Following his childhood passion, he opted for a career in writing and now pens d...