SolarSquare, a rooftop solar solutions startup, has raised $40 million (approximately INR 340 crore) in its Series B funding round led by Lightspeed.
The funding round also included participation from Lightrock, along with existing investors such as Elevation Capital, Lowercarbon (founded by Chris Sacca), Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The startup intends to use the funds to expand its operational footprint from 20 cities to 50 across India.
Additionally, SolarSquare plans to enhance its workforce, invest in brand building, and develop a cutting-edge asset management technology platform. This platform will enable remote monitoring and diagnostics of residential solar systems.
About SolarSquare:
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare began as a B2B rooftop solar solutions provider before transitioning into the B2C segment in 2021.
Currently, the company operates as a full-stack residential solar brand, offering services that include system design, installation, financing, government permits, and maintenance.
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Cofounder and CEO Shreya Mishra emphasized the company’s focus on accelerating solar adoption in India, stating, “Only 1% of homes in India have adopted solar so far. We are the first company in India to offer rooftop solar with a promise of guaranteed savings, taking responsibility for installation and the performance of solar thereafter.”
To date, SolarSquare has raised nearly $60 million, including $4.2 million secured in May 2024 from Zerodha Technology and Gruhas Proptech.
The company boasts a customer base of 20,000 homes and over 200 cooperative housing societies across India.
