SolarSquare raises $40 Mn in series B funding

SolarSquare, a company that installs solar systems, has announced a $40 million in Series B funding round. The round was led by Lightspeed Venture Partners, with support from Lightrock. This is the largest venture capital funding in India's solar industry.

Existing investors, such as Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech, also participated in this funding round.

Funding utilisation

The company plans to use the funding to expand its operations from 20 cities to 50 cities over the next two years, hire more employees, improve its technology, and focus on brand building.

Shreya Mishra, CEO of SolarSquare said, “We are number one on the government’s National Solar Portal for the number of residential solar installations across India. At present, only 1 percent homes or close to 13-14 lakh homes in India have solar. This pales as compared to 5 percent homes in the US, 12 percent homes in Germany or 35 percent homes in Australia, But, with the Pradhan Mantri Surya Ghar Yojana launched earlier this year to solarise one crore households in the next three years, the demand for solar has picked up. We'll be one of the fastest growing and one of the largest residential solar-penetrated markets in the world with a 5 percent penetration,”.

Mishra also shared that the startup has developed its own machine learning-based technology to improve after-sales service. It collects real-time data on how much electricity is being produced and predicts potential issues. If there's a problem or a breakdown at a customer's home, the system sends an alert.

Read also - FinX raises $6 million in funding round from Elevar Equity

The company reported a revenue of Rs 107 crore in FY23, up from Rs 81 crore in FY22. According to Mishra, SolarSquare ended FY24 with a revenue of Rs 170 crore and expects it to double in FY25.

Rahul Taneja, partner at Lightspeed said, “We love the passion with which Shreya, Nikhil, and Neeraj have built the brand, the product, and the full stack experience, and we are confident that they are building a company that will change millions of consumers' lives with energy independence,”

Advertisment

About-solarSqure

SolarSquare, founded in 2015 by Mishra, Neeraj Jain, and Nikhil Nahar, is a Mumbai-based company that offers complete solar solutions for homes. They take care of everything for customers, from design and installation to handling government permits, providing financing options, and offering ongoing solar maintenance after the sale.

Since it started, the company has installed solar systems in over 20,000 homes and more than 200 housing societies across India.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges and achieving success.

Advertisment