BIHAR-SU-002
Husk Power Systems
Solar-hybrid mini-grid operator founded in Bihar in 2008. Bloomberg describes it as the world's biggest solar mini-grid operator, with about 400 mini-grids in India and Nigeria. Its CEO is based in the US.
Good to know: Founded in Bihar but not headquartered there; most new expansion is in Nigeria and other African markets.
What's confirmed
6 sourced facts
- Founded in Bihar in 2008.
- Raised $20 million in January 2018 for its mini-grid business in Asia and Africa.
- Raised a $103 million Series D in October 2023: $43 million equity and $60 million debt.
- Secured $4 million additional debt from EU-funded ElectriFI in April 2024.
- Had raised $125 million across four funding rounds as of November 2025, per Bloomberg.
- Started a $400 million raise ($150 million equity, $250 million debt) in November 2025, aiming to close by June 2026.
Still to be confirmed
5 open questions
- Whether the $400 million raise has closed
- Number of mini-grids operating in Bihar specifically
- IPO timing (the company targets starting preparation in 2029)
- Sources differ on the founding year: the 2025 Bloomberg-sourced report cited here says 2008, while several other accounts say 2007. Operations and incorporation may carry separate dates. We keep 2008 because it is the year the source on this record states.
- Named investors in the January 2018 round. The source reports the amount without naming participants.
Funding rounds (4)
Newest first. The status column separates closed rounds from planned raises, TV offers and sanctioned support.
| Date | Round | Amount | Investors | Status | Source |
|---|---|---|---|---|---|
Planned raise Equity and debt | $400M | Not named | Announced target not closed | ETEnergyWorld / Bloomberg | |
Debt Debt | $4M | ElectriFI | Closed | The Economic Times | |
Series D Equity and debt | $103M | STOA Infra & Energy, US International Development Finance Corporation, Proparco, Shell Ventures, Swedfund, FMO | Closed | TechCrunch; Axios Pro | |
Growth round Undisclosed | $20M | Not named | Closed | The Economic Times |
Sources (5)
Who reported it, when, and what they cover
| Publisher | Published | Covers | Link |
|---|---|---|---|
The Economic Times Established news |
| Open source (opens in a new tab) | |
TechCrunch Established news |
| Open source (opens in a new tab) | |
Axios Pro Established news |
| Open source (opens in a new tab) | |
The Economic Times Established news |
| Open source (opens in a new tab) | |
ETEnergyWorld / Bloomberg Established news |
| Open source (opens in a new tab) |