Rooftop solar startup SolarSquare on Thursday announced that it has raised $40 million in its Series B funding round led by venture capital firm Lightspeed.
The funding also saw participation from Lightrock and existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech, the startup said in a statement.
The latest infusion will help accelerate SolarSquare’s growth ambitions, which include expanding operations to over 50 cities from its current footprint of 20 cities. The company also plans to invest heavily in technology, talent, and brand building, the statement added.
Founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, SolarSquare is a full-stack residential solar brand handling everything end-to-end for customers — from design to installation, government permits, enabling financing and post-sales regular solar maintenance. Since its inception, SolarSquare claims to have acquired over 20,000 homes and 200+ cooperative housing societies as customers across India.
“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. And that’s why we are the first company in India to offer rooftop solar with a promise of guaranteed savings, taking responsibility for not just the installation but also the performance of solar thereafter,” said Shreya Mishra, CEO of SolarSquare.
“We know that the climate challenge is now and here, and there is very little time to act. But at a household level, we can do a bunch of things that help in the long run. Using solar energy as an alternative to conventional fossil fuel-based sources is a low-hanging fruit that needs more mainstreaming,” said Dinesh Pai, head of investments at Rainmatter.
Before this round, SolarSquare had raised $19.5 million across three rounds of funding. The company is also backed by angel investors such as Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, Nipun Sahni of Apollo Global, Harsh Shah of GoFynd.
Elluminate Capital acted as the exclusive financial advisor to the company on the transaction.
