SolarSquare, a leading player in the rooftop solar solutions market, has successfully raised $40 million (approximately ₹340 crore) in a Series B funding round.
The investment was spearheaded by Lightspeed, with participation from other prominent investors including Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The newly raised funds will enable SolarSquare to significantly scale its operations. The company plans to expand its presence from 20 cities to 50 cities across India, enhancing accessibility to rooftop solar solutions for residential users. A portion of the funding will also go towards brand-building initiatives, recruitment of skilled talent, and the development of a robust tech infrastructure.
Key to this tech expansion is the creation of an advanced asset management platform designed for remote monitoring and diagnostics of residential solar installations. This cutting-edge solution will empower homeowners with real-time insights into the performance and maintenance of their solar systems.
Established in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare initially catered to businesses with its B2B rooftop solar solutions. However, in 2021, the company pivoted to the B2C segment, focusing on residential solar systems. Today, SolarSquare operates as a comprehensive solar brand, managing every aspect of the process, from system design and installation to government approvals, financing, and maintenance.
Shreya Mishra, co-founder and CEO of SolarSquare, emphasized the company’s commitment to driving solar adoption in India. “With only 1% of Indian homes utilizing solar energy, our mission is to make solar accessible and reliable for everyone. We are the first in the country to guarantee savings through rooftop solar systems, taking full accountability for both installation and long-term performance,” she said.
The funding milestone comes shortly after reports surfaced about SolarSquare negotiating a $30 million investment led by Lightspeed, marking a significant increase in valuation to $130 million—nearly three times its previous valuation of $47.7 million.
In addition to the recent funding, the startup had previously secured $4.2 million from Zerodha Technology and Nikhil Kamath’s Gruhas Proptech earlier this year. With the latest round, SolarSquare’s total funding now stands at approximately $60 million, underscoring its growing prominence in the cleantech ecosystem.
The startup has also garnered the support of industry stalwarts such as Vidit Atrey and Sanjeev Barnwal of Meesho, Ashish Goyal of UrbanLadder, and Vijay Shekhar Sharma of Paytm, further solidifying its reputation as a game-changer in renewable energy.
With its innovative approach and substantial backing, SolarSquare is well-positioned to accelerate the adoption of solar energy in India’s residential sector. By addressing key barriers like financing, maintenance, and performance reliability, the company is setting a new benchmark for clean energy solutions, paving the way for a more sustainable future.