SolarSquare raises $4 million in the seed funding round led by Lowercarbon Capital
- ByStartupStory | June 11, 2022
SolarSquare, a Mumbai-based startup, announced a $4 million funding round led by Good Capital, with participation from Lowercarbon Capital, Symphony Asia, and Nithin Kamath’s Rainmatter.
Better Capital, Climate Angels, and prominent angels such as Maninder Gulati (Global Chief Strategy Officer, OYO), Ashish Goel (CEO, Urban Ladder), and Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg (founders of NoBroker) also participated in the round.
Shreya Mishra, CEO of SolarSquare said that each home that goes solar with the firm saves Rs 48,000 on average in electricity bills and offsets four metric tons of CO2 per year from the atmosphere. That is the same as planting 60 trees. The company’s mission is to drive home solar adoption to the point where it becomes a standard household product.
Chris Sacca’s Lowercarbon Capital has made its first investment in India. Lowercarbon, based in the United States, is one of the world’s leading climate-tech venture capital firms, with a fund capital of more than $1 billion.
The company was founded in 2015 by Neeraj Jain and Nikhil Nahar as a bootstrapped B2B (commercial) solar company, and five years later, its annual topline had crossed Rs 100 crore. Shreya Mishra joined the founders as a third co-founder.
The three founders realised there was a massive untapped opportunity in the B2C solar space and decided to pivot the business to solarising Indian homes in 2021. The home energy brand now designs, instals, and finances residential rooftop solar systems.
The new funds will be used to expand the company’s presence across India and to develop scaling technology. The startup is currently present in five Indian markets: Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR.
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