SolarSquare, a Mumbai-based solar installation startup, has made headlines by raising $40 million in its Series B funding round. This marks the largest venture capital investment in India’s solar sector to date. The funding round was led by Lightspeed Venture Partners, with support from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The funding round also saw participation from prominent angel investors, including Vidit Atrey and Sanjeev Barnwal from Meesho, Amit Agrawal, Saurabh Garg, and Akhil Gupta from NoBroker, Ashish Goyal from UrbanLadder, and Vijay Shekhar Sharma from Paytm. This diverse backing reflects the growing interest in renewable energy solutions and the confidence in SolarSquare’s innovative approach.
SolarSquare Co-Founders
Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Jain, SolarSquare specializes in providing residential solar solutions. The startup manages every step of the solar adoption process, including design, installation, financing, and maintenance.
To date, SolarSquare has served over 20,000 homes and 200 housing societies across India. The company is also a leading player on the government’s National Solar Portal, which promotes residential solar installations.
With the newly raised capital, SolarSquare aims to expand its operations from 20 cities to 50 cities over the next two years. The company also plans to enhance its technology platform, invest in hiring, and strengthen its brand presence.
Shreya Mishra, CEO of SolarSquare, shared the company’s vision: “Only 1% of homes in India have adopted solar so far. We want to accelerate solar adoption by making it easy for families to switch to solar. 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.”
Innovations Powering Growth
SolarSquare uses machine learning technology to monitor solar system performance in real-time. This technology provides alerts for any potential issues, ensuring the system operates efficiently. Additionally, the company offers a five-year savings guarantee, giving customers confidence in their investment.
Recently, SolarSquare shifted its focus from developing a Non-Banking Financial Company (NBFC) for solar financing to launching an app that aggregates residential solar loan options from various banks and lenders. This move simplifies the financing process for customers and makes solar adoption more accessible.
Support from Investors
Rahul Taneja, partner at Lightspeed Venture Partners, expressed his confidence in the startup: “We love the passion with which Shreya, Nikhil, and Neeraj have built the brand, the product, and the full-stack experience. We are confident that they are building a company that will change millions of consumers’ lives with energy independence.”
Mukul Arora, partner at Elevation Capital, highlighted the company’s unique approach: “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.”
SolarSquare’s mission aligns with India’s growing focus on renewable energy and sustainability. By offering a seamless and customer-friendly solar adoption process, the startup is helping families across India reduce their carbon footprint and achieve energy independence.
SolarSquare’s $40 million funding marks a significant milestone in India’s renewable energy sector. With plans to expand, innovate, and simplify solar adoption, the startup is well-positioned to revolutionize the way Indian households use solar energy. As the company grows, its impact on the country’s energy landscape will likely inspire more families to embrace solar power.
