SolarSquare raises Rs 100 cr in funding led by Elevation Capital, Lowercarbon
- ByStartupStory | November 3, 2022
SolarSquare, a provider of residential solar energy, has secured Rs 100 crore ($12 million) in a Series A round-headed by Elevation Capital and Chris Sacca’s climate-tech investment Lowercarbon. Existing investors Good Capital, and Rainmatter, as well as angel investors like Vidit Atrey and Sanjeev Barnwal, took part in the round (Meesho).
The Mumbai-based business has raised money in two rounds so far in 2022. In a June seed round sponsored by Good Capital, it received Rs 30 crore. In the upcoming 18 to 24 months, SolarSquare intends to spread throughout India. The company intends to make investments in new installation and product designs as well as the development of an internal NBFC to quickly approve loans for residential solar buyers.
Fintrackr has uncovered important information through the company’s regulatory filings, despite the fact that the company did not offer a breakup of the transaction. A regulatory filing with the Registrar of Companies (RoC) reveals that the board of directors at SolarSquare approved a special resolution to issue 3 equity and 15,926 preference shares at an issue price of Rs 46,710 per share to raise Rs 74.40 crore or $9 million.
With 50 crore rupees, Elevation Capital took the lead in the round. Sacca’s Lowercarbon contributed 17.23 crore rupees. Better capital was provided by Zerodha Technology, Vidit Aatrey, and a number of individual investors, who contributed a total of Rs 7.2 crore. Post-allotment estimates place the company’s post-allotment valuation at about Rs 420 crore, or $52 million. After the round’s final conclusion, the valuation can go up a little bit.
SolarSquare is a company that creates, instals, and finances residential rooftop solar systems. It was founded by Neeraj Jain and Nikhil Nahar. Additionally, it offers commercial buildings and housing cooperatives rooftop solar energy solutions. The company says it has solarized nearly 5,000 homes in a previous couple of years.
The company has collaborated with companies like Jindal Steel, Unilever, Panasonic, Reliance, and Johnson & Johnson for its B2B business, among others. Among others, SolarSquare is in competition with Cleantech, Mysun, Oorjan, and Freyr Energy.
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