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Qotto, a solar kits provider with operations in Burkina Faso and Benin, has raised USD 8 M in a Series A equity-debt round led by the IBL group, a billion-dollar conglomerate headquartered in Mauritius with business interests in a number of sectors including energy, financial services, logistics, distribution and engineering. The Off-Grid Energy Access Fund (FEI-OGEF), Cordaid and Qotto’s existing investors also participated in the round.
Qotto designs and distributes standalone solar kits and lanterns to individuals residing in the least electrified regions of Africa. Through a pay-to-own model , it avails its products to individuals in sub-Saharan Africa that are off-grid owing to underdeveloped national power grids. The cleantech plans to scale in existing markets, and expand to Ivory Coast where it is set to begin operations by next month.