SolarSquare, India’s leading home solar startup based in Mumbai, has raised $40 million in its Series B funding round, marking the largest venture capital raise in the Indian solar sector. The round was led by Lightspeed with participation from Lightrock. Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also invested in the round.
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.
Since its inception, SolarSquare has acquired over 20,000 homes and 200+ cooperative housing societies as customers across India. With its post-sales solar maintenance service, SolarSquare is not just a solar installer but a tech-enabled solar operator. Today they are the largest operators of distributed solar assets in India. The company will invest heavily in building a state-of-the-art asset management tech stack for remote monitoring and diagnostics of residential solar systems.
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.”
The recent $40 million infusion will 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.
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
Before this round, SolarSquare had raised $19.5 mn 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. Elluminate Capital acted as the exclusive financial advisor to the company on the transaction.
