In a Series A fundraising round headed by Elevation Capital and current investor Lowercarbon, SolarSquare, a B2C cleantech solar startup, raised Rs 100 crore.
Other existing shareholders took part in the round as well, including angels Vidit Atrey and Sanjeev Barnwal (Meesho), Good Capital, and Rainmatter, as per reported by YourStory.
The startup intends to use the funds to expand its embedded solar financing offer by obtaining an NBFC licence soon. Through its NBFC partners, it currently provides quick loans for solar rooftops.
“We plan to start the application process in the coming months. Having our own NBFC will allow us to offer point-of-sale long-term loans to consumer, which would make the product more affordable and economical. Short-term EMIs for solar rooftop projects turn out to be expensive, and hence, we aim to innovate on the same,” co-founder Shreya Mishra told YourStory.
Founded in 2015 by IIT Bombay alumni Neeraj Jain, Shreya Mishra, and former Panasonic executive Nikhil Nahar, SolarSquare is India’s most trusted and fastest-growing residential solar company.
Chris Sacca, venture investor and founder of climate-tech fund Lowercarbon, said, “Solar is now much cheaper and cleaner than digging up and burning old dinosaur bones. So, putting it on your roof just makes sense, especially in a part of the world with as much sun as India. But getting panels installed wasn’t always easy. We backed Shreya, Neeraj, and Nikhil because they have cracked the code on hassle-free rooftop solar.”
SolarSquare offers solar installation services to private individuals, residential cooperatives, and commercial structures. Additionally, it plans and funds the construction of residential rooftop solar systems.
They provide any homeowner interested in going solar the best-in-class after-sales service, financing, and a commitment to trust. By 2024, they hope to have 100k homes powered by solar energy, making them India’s leading rooftop solar brand.