December 13, 2024: SolarSquare has raised $40 million in a Series B fundraise, the company announced. The full stack solar solutions provider for homes stated they will invest the fresh capital to accelerate its business expansion into 50 cities across the country, strengthen its technology, hire talent, and engage in brand building. The firm currently operates in 20 cities.
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.”
SolarSquare to expand talent base and service experience
The company established in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, has implemented over 20,000 installations across homes and 200+ cooperative housing societies. The firm’s fundraise is a sign of increasing interest in the country’s solar energy sector.
SolarSquare had previously secured $19.5 million across three rounds of funding. Its marquee angel investors include Vidit Atrey and Sanjeev Barnwal of Meesho, Ashish Goyal of UrbanLadder, and Vijay Shekhar Sharma of Paytm. “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,” said Rahul Taneja, Partner, Lightspeed.
“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.” he added.
The latest round of funding by SolarSquare was led by venture capital firm Lightspeed with participation from Lightrock. The round also saw participation from existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
