Monday, November 28, 2022
HomeInsightFunding Alert SolarSquare raises $4 million in funding

[Funding alert] SolarSquare raises $4 million in funding

[Funding alert] SolarSquare raises $4 million in funding

SolarSquare, a B2C solar products startup, has raised $4 mn, led by investment firm Good Capital.

Angel investors and venture capital also participated in the funding round including, Symphony Asia, Zerodha co-founder Nithin Kamath’s Rainmatter, Better Capital, Maninder Gulati of OYO, Ashish Goel of Urban Ladder, and Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg of NoBroker.

SolarSquare intends to use the raised funds to grow its footprint in India and develop the technology.

SolarSquare, founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra, a serial entrepreneur and IIT Bombay graduate, joined SolarSquare as a third cofounder in 2020, offers modular and prefabricated installation solutions that may be installed in as little as eight hours, as opposed to the industry typical of 3-5 days.

The company intends to scale up by developing a technology stack, which will include an app that allows consumers to track the functioning of their solar systems in real-time.

“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tonnes of CO2 per year from the atmosphere…Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product,” chief executive Shreya Mishra said in a statement.

Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR are among the startup’s regions.

“Climate change issues are real and pressing. As a firm we are committed to partner with the best in class entrepreneurs who are addressing the challenges in this market. We’re thrilled to partner with Shreya, Neeraj and Nikhil as they set out to build the leading residential solar brand in India,” said Rohan Malhotra, Managing Partner at Good Capital, in a statement according to TechCrunch.

“India is already the third largest consumer of electricity in the world, and they’ll add Europe-sized capacity in the next twenty years just to keep up with demand. Solar Square will help power that growth with its one-day rooftop solar installations, that is already making energy cheaper and more reliable for thousands of Indian homes,” said Clay Dumas, General Partner at Lowercarbon.

About SolarSquare

SolarSquare is India’s most trusted and fastest-growing residential solar company. They bring trust, transparency, financing and best-in-class after-sales service to every home owner looking to go solar.

Their aim is to become India’s #1 rooftop solar brand and empower 100k homes to go solar by 2024.

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