Mumbai-based solar installation startup SolarSquare has raised $40 million in a Series B funding round. Lightspeed Venture Partners led the round, with participation from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech. The company is also backed by angel investors, including Meesho’s Vidit Atrey and Sanjeev Barnwal, NoBroker’s Amit Agrawal, Saurabh Garg, and Akhil Gupta, UrbanLadder’s Ashish Goyal, and Paytm’s Vijay Shekhar Sharma.
Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Jain, SolarSquare specializes in residential solar solutions. The startup handles every step from design and installation to financing and post-sales maintenance. SolarSquare claims to have served over 20,000 homes and 200 housing societies across India to date.
It is also a leader on the government’s National Solar Portal for residential solar installations.
SolarSquare secures significant funding round
SolarSquare plans to use the capital to expand its reach from 20 to 50 cities in the next two years.
The funds will also be used to enhance its tech platform and invest in hiring and brand building. CEO Shreya Mishra said, “Only 1% of homes in India have adopted solar so far – we want to accelerate solar adoption by making it easy for families to make the switch to solar.”
The startup employs machine learning technology to monitor solar system performance in real-time, providing alerts for any issues. SolarSquare also offers a five-year savings guarantee, ensuring customers benefit from their investment.
The company recently transitioned from developing an NBFC for solar financing to launching an app that aggregates residential solar loan options from various banks and lenders. Rahul Taneja, partner at Lightspeed, said, “We love the passion with which Shreya, Nikhil, and Neeraj have built the brand, the product, and the full stack experience, and we are confident that they are building a company that will change millions of consumers’ lives with energy independence.”
Mukul Arora, Partner at Elevation Capital, added, “SolarSquare’s full-stack approach of owning the entire customer experience has already set them apart and made the solar adoption process much simpler. With supportive policies and rising consumer awareness, SolarSquare is well-positioned to bring reliable, affordable solar energy to millions of Indian homes.”
This significant funding round is expected to further strengthen SolarSquare’s capability to make substantial strides in the Indian solar market.
The company’s efforts are ultimately contributing to a more sustainable future for the country.
