Global provider of transformational household products and affordable finance for low-income households, d.light, grew its revenues by 41 percent during the first six months of 2023, the company announced on Thursday.
The results derive in large part from 143 percent growth in d.light’s business in Nigeria, Africa’s most populous country and its largest economy. d.light’s three-digit growth in Nigeria has been driven by the launch of its new solar inverter product and also sales of its solar home systems using d.light’s Pay-Go affordable personal finance service. d.light is a privately held company and does not disclose financial information.
“d.light has been active in Nigeria since 2009, and over the last couple of years we’ve been laying the groundwork to establish a stable, resilient business in the country that is focused on meeting the specific needs of people and communities who don’t have access to a regular energy supply. Our impressive results in 2023 show that our commitment to providing high-value solar products at an affordable price is paying off,” said CEO Nick Imudia.
“Our success in Nigeria has been primarily driven by the popularity of our new d.light solar inverter product, which we launched in September 2022 and which is designed specifically for the Nigerian market,” Imudia said.
“While a sizable part of the Nigerian population live off-grid with no access to a regular power supply, a slightly larger proportion are connected to the national energy grid. However, the grid’s unreliable performance means these people sometimes receive power for a couple of hours per day – perhaps the entire day – only for the grid to then fail and leave them without power for hours or even days.
“Our solar inverter product solves this problem. It receives electricity from the energy grid – but if the grid should collapse, the inverter reverts to solar to continue providing an uninterrupted, reliable substitute power supply to the house. It’s a practical and effective solution to the problem that many Nigerians face when dealing with intermittent electricity supply,” he said.
Looking ahead, d.light CFO Ron Pfende expects the company to continue on its current growth trajectory for the rest of 2023 and into 2024. To drive this growth, d.light is scaling up operations in its existing markets. Last month, the company secured USD$125M in securitization funding for its business in Tanzania. d.light will use this capital to increase its existing securitized financing facility and scale up its Pay-Go service in the country. d.light also plans to expand into new markets in East and Central Africa and launch new products as well.