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SolarSquare, one of India’s leading solar companies, has raised $40 million (about Rs 338 crore) in a Series B round of funding, marking one of the largest investments in the Indian solar sector. The round was led by Lightspeed, with participation from Lightrock and existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
Founded in 2015 in Mumbai as a bootstrapped solar EPC company, SolarSquare has evolved into a sustainable solar solutions brand. They provide end-to-end services, including design, installation, financing, licensing, and after-sales maintenance, eliminating the need for middlemen.
The company has taken care of more than 20,000 homes and more than 200 service organizations in India. The newly upgraded headquarters will be deployed to develop the technology to manage the economy for remote monitoring and solar home lighting.
Shreya Mishra, CEO of SolarSquare said, “Only 1% of homes in India have adopted solar so far – we want to accelerate the adoption of solar by making it easy for families to switch to solar. This is why we are the first company in India to offer rooftop solar and promise to we will save money guaranteed, not just install it and the solar service later.”
The latest infusion of $40 million supports SolarSquare’s growth ambitions, which include expanding operations to more than 50 cities from its existing 20 cities. The company also plans to invest more in technology, talent and infrastructure, Mishra added.
Investing in climate technology startups is part of Lightspeed’s strategy to support the energy transition. Rahul Taneja, Partner at Lightspeed who led the investment in Solar Square, highlights India’s unique potential in energy production, providing VCs with both financial returns and environmental impact. Lightspeed’s acquisition of SolarSquare will expand its footprint from 20 to 50 cities, technology and talent, and develop advanced equipment to manage lighting and remote solar monitoring, improve operational efficiency and customer satisfaction.
Mukul Arora, Partner at Elevation Capital said, “Despite the growing awareness of the environment, solar adoption remains a challenge for Indian households. Solar Square’s comprehensive approach with all customers has already separated them and made the process of solar adoption easy. information to consumers, SolarSquare has the opportunity to bring reliable and affordable energy to millions of Indian homes.”
Prior to the Series B round, SolarSquare raised $19.5 million in three rounds of funding. The company has an impressive list of angel investors, including Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg, and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, Nipun Sahni of Apollo Global, and Harsh . Shah of GoFynd. Elluminate Capital acted as the sole financial advisor for this transaction.
