SolarSquare Secures USD 40 Million in Series B Funding to Boost Growth
SolarSquare raises USD 40 million in Series B funding led by Lightspeed, aiming to expand to 50 cities, enhance technology, and grow its team. The startup has installed solar systems in over 20,000 homes across India.
December 12, 2024. By EI News Network
SolarSquare, a rooftop solar startup, has successfully raised USD 40 million in a Series B funding round. The investment was led by Lightspeed, with additional participation from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The funding is expected to 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 company was founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar. As per the firm's statement, it has made a mark as a full-stack residential solar provider, handling the complete customer journey, from design and installation to securing government permits, enabling financing, and providing ongoing maintenance. The company currently operates with a team of 800 employees and expects to double its workforce by the next financial year, focusing on key areas such as sales, customer service, and operations.
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. 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.”
As part of its expansion, SolarSquare is also committed to investing in a state-of-the-art asset management technology stack that will facilitate remote monitoring and diagnostics of residential solar systems. This technological investment aims to further streamline operations and improve customer experience, noted the firm in its statement.
Since its inception, SolarSquare has installed solar systems in over 20,000 homes and more than 200 cooperative housing societies across India. The company’s approach has garnered praise from industry leaders.
Prior to this Series B round, SolarSquare had raised USD 19.5 million in previous funding rounds. The company also counts several prominent angel investors, including 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, and Harsh Shah of GoFynd.
The increasing investor interest in SolarSquare highlights the growing demand in the cleantech sector, particularly in solar energy, which requires less research and development compared to other sectors like electric vehicles and battery manufacturing.
With the recent funding, SolarSquare is poised to strengthen its position as a leader in India’s residential solar market, continuing its mission to provide affordable and reliable solar energy solutions to millions of homes across the country.
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