Funding Alert

SolarSquare Secures $40 Million in One of India’s Largest Solar VC Deals, Lightspeed Leads the Round

• ByStartupStory     |    December 12, 2024

Mumbai-based solar solutions provider SolarSquare has raised $40 million (approximately Rs 338 crore) in a Series B funding round, making it one of the largest venture capital investments in the Indian solar sector. The funding round was led by Lightspeed, with participation from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.

Founded in 2015 by Neeraj Jain and Nikhil Nahar, SolarSquare started as a bootstrapped solar EPC (Engineering, Procurement, and Construction) company. Over time, it has transformed into a full-stack residential solar solutions brand, offering a seamless experience from design and installation to financing, permit facilitation, and post-sales maintenance. The company has already served over 20,000 homes and 200 cooperative housing societies across India.

The fresh capital will be used to develop advanced asset management technology for remote monitoring and diagnostics of residential solar systems. Additionally, the company plans to expand its operations from 20 cities to over 50 cities.

Shreya Mishra, CEO of SolarSquare, emphasized the need to simplify solar adoption in India, stating:
“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.”

Rahul Taneja, Partner at Lightspeed, highlighted the opportunity for innovation in clean energy, saying:
“India’s unique potential for clean energy innovation offers VCs both economic returns and environmental impact. Lightspeed’s investment in SolarSquare will fuel its expansion from 20 to 50 cities, scale technology and talent, and develop advanced asset management tools for remote solar monitoring and diagnostics, enhancing efficiency and customer satisfaction.”

Mukul Arora, Partner at Elevation Capital, remarked on SolarSquare’s customer-focused approach:
“Despite growing environmental consciousness, adopting solar remained complex for Indian households. SolarSquare’s full-stack approach of owning the entire customer experience has already set them apart and made the solar adoption process much simpler. With supportive policies and rising consumer awareness, SolarSquare is well-positioned to bring reliable, affordable solar energy to millions of Indian homes.”

Before the Series B round, SolarSquare had raised $19.5 million across three funding rounds. The company’s impressive list of angel investors includes Vidit Atrey and Sanjeev Barnwal (Meesho), Amit Agrawal, Saurabh Garg, and Akhil Gupta (NoBroker), Ashish Goyal (UrbanLadder), Vijay Shekhar Sharma (Paytm), and Nipun Sahni (Apollo Global), among others.

The Series B funding, facilitated by Elluminate Capital as the exclusive financial advisor, positions SolarSquare to scale its technology, strengthen its team, and build its brand as a leader in India’s residential solar market.

Follow Startup Story