Singapore, Singapore, September 14, 2017 –(PR.com)– Prestellar Ventures, a USD 100 million Singapore based venture capital fund, backed by Mr. HP Singh (Chairman-MD of India’s 3rd largest listed micro finance giant Satin Creditcare), Atim Kabra (Founder, Frontline Strategy Group), Nepalese Forbes listed Billionaire Mr. Binod Chaudhary and N.E Group (a Nepal based multinational family conglomerate), announced an investment in ThirdWave Power Pte. Ltd. (TWP), a Singapore based Solar products and Internet-of-Things (IOT) company. The fund has committed an initial US$ 1 million out of the total US$3 million it intends to invest in TWP.
”TWP is a growing company which can address a huge need in India’s burgeoning off-grid power needs by combining the power of Solar and IOT in a cost-effective manner. We are thrilled to partner with the company in its ambitious efforts to grow in the South Asia region,” said Mr. Atim Kabra, partner in Prestellar Ventures and the Founder of Frontline Strategy Limited.
TWP product range includes solar-powered low energy consumption lights, solar charging systems (power banks as well as micro-grid batteries and inverters), and off-grid IOT solutions (pay-as-you-go smart solar home systems). Apart from a financial investment, Prestellar Ventures is working closely with the company on its go-to-market strategy to expand into the Indian subcontinent. These efforts include assistance in setting up local manufacturing and R&D facilities in India and links to on-the-ground distribution partners to sell TWP products across the subcontinent utilizing the distribution network offered by the General Partners. Legal and ancillary support is also being provided to TWP to align their interests with the legal framework of India such as setting up a local operating bodies and acquiring the MNRE certification amongst others required to operate in the country.
Further, TWP is planning a geographical expansion into Nepal via the distribution reach of Prestellar Ventures’ General Partnersin Nepal. TWP’s rural range products will be offered to end markets via Chaudhary Group’s Nabil Bank Microlending programs and urban range products via Chaudhary Group’s network of CG Digital Stores and electronics distribution networks across Nepal.
V S Hariharan, Co-founder of Third Wave Power Pte Ltd described his association with the fund, “Prestellar Ventures has gone beyond its role as an investor to find new partners for TWP to generate revenues, and develop a wider distribution network. This will help us to scale up faster in the Indian subcontinent.”
About Third Wave Power
Third Wave Power is a solar products and internet-of-things company headquartered in Singapore. The company is founded by successful corporate executives who left Hewlett Packard to embark on this ambitious journey. TWPs mission is to democratize power for offgrid applications and in support of cloud connected solutions. It’s product range include solar lighting and charging solutions, microgrid solutions and IOT enabled solar home systems. The company has won multiple awards including Frost & Sullivan 2014 New Product Innovation Leadership Award North America, and Fresh Award “A First Look at New Technology” (DISTREE EMEA 2014 and APAC 2013).
About Prestellar Ventures
Prestellar Ventures, a Singapore-based venture capital firm, launched a $100M venture capital fund in earlier this year, backed by four General Partners – CG Corp Global (Nepal’s sole Forbes-listed billion-dollar enterprise), HP Singh, promotor of Satin Creditcare (the third largest Microfinance Institution in India), Atim Kabra, founder of Frontline Strategy Group (a private-equity firm in Mauritius& Singapore) and N.E. Group (a family conglomerate in Nepal).
Prestellar Ventures provides companies with a distribution channel and business development / sales opportunities using the reach of the GPs, besides capital to grow the business. The fund seeks to partner with passionate entrepreneurs and disruptive startups across South Asia and ASEAN in the Hospitality, Consumer, Financial Services, Rural Product and Services sectors, typically in "Pre-Series A" deals with a cheque size of approximately US$ 2-3 million. The firm is seeking to raise and deploy country specific sub-funds across the South Asia region-more specifically India, Sri Lanka, Bangladesh and Nepal. Reach Prestellar at www.prestellarventures.com
Contact Information:
Prestellar Ventures Fund I Pte. Ltd.
Atim Kabra
+6591880399
Contact via Email
www.prestellarventures.com
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