SolarSquare, a Mumbai-based home solar startup, has raised $40 million in its Series B funding round led by Lightspeed. The round also saw participation from Lightrock and existing investors Elevation Capital, Chris Sacca’s Lowercarbon Capital, Zerodha-backed Rainmatter, and Gruhas Proptech also invested in the round.
The funds raised will be used to expand its operation 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 company will also invest in its asset management tech stack for remote monitoring and diagnostics of residential solar systems.
Before this round, SolarSquare had raised $19.5 million across 3 rounds of funding. The company also counts marquee 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.
Shreya Mishra, CEO of SolarSquare 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. 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.”
Rahul Taneja, Partner, Lightspeed said, “We are thrilled to be partnering with Solar Square, which has fast emerged as the most trusted residential solar brand in India. The clean energy transition has moved from ESG PowerPoint decks to the consumers’ homes and Solar Square is well on its way to making #hargharsolar. 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.”
Kushal Agrawal, Partner at Lightrock said, “Adoption of renewable energy at the last mile remains one of the most challenging hurdles to achieving a large-scale energy transition. SolarSquare stands out by combining customer-centric innovation, flawless execution, and cutting-edge technology to overcome the barriers that have hitherto hindered scale in the residential solar sector. We are thrilled to support this transformative journey, bringing the advantages of solar energy to the very last mile and driving meaningful change in the energy landscape.”
“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. Which is why we are backing Solarsquare again, in their pursuit of making solar installations affordable and easier for households,” said, Dinesh Pai, Heading investments at Rainmatter.
Founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Jain, SolarSquare is a full-stack residential solar brand that eliminates middlemen and ensures high-quality and safe solar installations, and a seamless customer experience.
The company handles everything end-to-end for customers – from design to installation, government permits, enabling financing, and post-sales regular solar maintenance.
SolarSquare claims to have acquired over 20,000 homes and 200+ cooperative housing societies as customers across India since its inception. With its post-sales solar maintenance service, SolarSquare is not just a solar installer but a tech-enabled solar operator.
