Greenlight Planet Inc. Raises 4mm USD from Bamboo Finance and Dr. P. K. Sinha
Wednesday, April 18, 2012
MUMBAI , 16, April 2012: Greenlight Planet Inc. closed an investment round of 4mm USD with
Bamboo Finance and Dr. P. K. Sinha, Co-Founder of ZS Associates. The current round follows earlier
investments by Dr. Sinha.
Greenlight Planet is a leading designer and distributor of solar-LED home lights, which are 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. Greenlight Planet
designs its award-winning Sun King™ brand solar lanterns with a focus on durability recognized as
unique in the industry, and distributes the lights through a growing direct-sales force comprised of local
community members. The new investment will be used to expand Greenlight’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.
With the closing of this investment round, Mr 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.
“Bamboo Finance has a great interest in companies providing underserved communities access to
energy. 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. We are delighted to take
part in shaping the promising future of Greenlight Planet and expanding access to energy to rural
communities”, says Keith Allman, Investment Manager, Bamboo Finance.
Dr. Sinha adds “Having grown up with kerosene lanterns in rural Bihar, a core Sun King market, I
understand the enormous opportunity and the tremendous economic and health benefits of our solar
lamps. I am pleased to continue to invest in Greenlight Planet’s 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.”
Greenlight’s CTO, T. Patrick Walsh adds “We have been thrilled to work with the Bamboo Finance
team and Dr. Sinha, who believe like us that in this rapidly growing industry, profit only follows the
efficient delivery of true social utility. The board remains driven by our conviction that the company
offering the best user experience will win: We have exciting challenges and hard work ahead, as this
investment allows us to massively expand to meet the energy needs of an enormous under-served
consumer base.”
