SolarSquare bags $40M in Series B funding round led by Lightspeed

Mumbai-based solar solutions startup SolarSquare has secured $40 million in a Series B fundraise 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.

The startup, which offers full-stack solar solutions for homes, will use the funds to expand its operations to 50 cities across the country, enhance its technology, hire talent, and engage in brand building. It currently has a presence in 20 cities.

“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.

Founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, the company has done over 20,000 installations across homes and 200+ cooperative housing societies.

The company’s fundraise comes amidst rising interest in the country’s solar energy sector, on the coattails of Waaree Energies' IPO. Many other companies in the sector are also lining up to list on public bourses.

Prior to this fundraise, SolarSquare had raised $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 feature image was updated.