India – SolarSquare, a leading residential rooftop solar startup, has raised $40 million in a Series B funding round led by Lightspeed and Lightrock, with participation from existing investors including Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The funds will be directed toward expanding operations, hiring top talent, enhancing technology, and strengthening the brand’s presence across India.
Expanding Operations and Investing in Technology
Shreya Mishra, CEO of SolarSquare, shared:
“With this round of funding, our first prerogative is to expand to 50 cities, up from the current 20 cities. We will also invest heavily in technology, talent, and branding.”
The company plans to double its current workforce of 800 employees by the next financial year, with a focus on roles in sales, customer service, and operations. Additionally, SolarSquare is developing a state-of-the-art asset management tech stack for remote monitoring and diagnostics of residential solar systems, ensuring a seamless experience for customers.
SolarSquare’s Full-Stack Residential Solar Solutions
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare offers end-to-end solar installation services. This includes system design, installation, obtaining government permits, financing options, and post-sales maintenance. To date, the company has powered over 20,000 homes and more than 200 cooperative housing societies across India.
Industry Support and Growing Trust
Investors highlighted SolarSquare’s pivotal role in accelerating solar adoption in India:
- Rahul Taneja, Partner at Lightspeed, stated:
“The clean energy transition has moved from ESG PowerPoint decks to consumers’ homes, and SolarSquare is making #HarGharSolar a reality.”
- Mukul Arora, Partner at Elevation Capital, added:
“SolarSquare’s full-stack approach simplifies solar adoption and positions them to bring affordable and reliable solar energy to millions of Indian homes.”
Robust Financial Growth
SolarSquare has reported remarkable growth in recent years:
- Revenue in FY23: ₹107 crore (up from ₹81 crore in FY22)
- Revenue in FY24: ₹170 crore
- Projected revenue in FY25: Expected to double
Before this funding round, SolarSquare had raised $19.5 million across three funding rounds. Notable angel investors include Vidit Atrey and Sanjeev Barnwal (Meesho), Amit Agrawal, Saurabh Garg, Akhil Gupta (NoBroker), Ashish Goyal (UrbanLadder), Vijay Shekhar Sharma (Paytm), and others.
Driving Solar Adoption in India
With supportive government policies and increasing consumer awareness, SolarSquare is well-positioned to lead India’s residential solar revolution. The company aims to make rooftop solar accessible and affordable for millions of Indian households, contributing significantly to the country’s clean energy goals.
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