SolarSquare, a Mumbai-based solar installation startup, has raised $40 million in a Series B funding round. This marks the largest venture capital investment in India’s solar sector to date. The funding was led by Lightspeed Venture Partners.
Other participants included Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech. Several prominent angel investors also backed the round, such as Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal of NoBroker, Saurabh Garg, Akhil Gupta, Ashish Goyal of UrbanLadder, and Vijay Shekhar Sharma of Paytm. Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Jain, SolarSquare specializes in residential solar solutions.
The company handles every step of the process, 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. It is also a leader on the government’s National Solar Portal for residential solar installations.
SolarSquare’s Series B funding success
SolarSquare plans to use the capital to expand its reach from 20 to 50 cities in the next two years. It will also invest in enhancing its tech platform, 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.”
Mishra added that SolarSquare is the first company in India to offer rooftop solar with a promise of guaranteed savings. The company takes responsibility for both the installation and the system’s ongoing performance. SolarSquare employs machine learning technology to monitor solar system performance in real time, providing alerts for any issues.
It also offers a five-year savings guarantee to ensure customers benefit from their investment. The startup 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.”
