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Mumbai-based SolarSquare, a residential solar installation startup, has secured $40 million in its Series B funding round. This marks the largest venture capital investment in India’s residential solar sector to date.
The funding round was led by Lightspeed Venture Partners, with participation from Lightrock, Elevation Capital, Lowercarbon by Chris Sacca, Rainmatter by Nithin Kamath, and Gruhas Proptech. Prominent angel investors including Vidit Atrey and Sanjeev Barnwal (Meesho), Amit Agrawal, Saurabh Garg, and Akhil Gupta (NoBroker), Ashish Goyal (Urban Ladder), and Vijay Shekhar Sharma (Paytm) also contributed.
Pioneering Solar Adoption in India
Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Jain, SolarSquare is transforming the residential solar landscape in India by providing end-to-end solutions. From system design and installation to financing and post-sales maintenance, the company delivers a comprehensive service that simplifies solar adoption for Indian households.
SolarSquare has already served over 20,000 homes and 200 housing societies across the country. It also holds a leadership position on the National Solar Portal for residential solar installations under the government’s initiatives.
Plans for Growth
The newly acquired funds will fuel SolarSquare’s expansion into 50 cities over the next two years, up from its current operations in 20 cities. The startup also plans to enhance its tech platform, invest in brand building, and scale its workforce to support its ambitious growth trajectory.
“We aim to accelerate solar adoption across India, where only 1% of homes currently use solar energy. With our guaranteed savings model, we not only ensure high-quality installations but also take responsibility for long-term system performance,” said Shreya Mishra, CEO of SolarSquare.
Innovations Driving Efficiency
SolarSquare integrates machine learning technology to monitor the performance of installed solar systems in real time, issuing alerts for any detected issues. The startup also offers a five-year savings guarantee, ensuring customers maximize returns on their solar investments.
To further simplify financing, SolarSquare recently introduced an app that aggregates solar loan options from multiple banks and lenders, replacing its earlier plans to develop an NBFC (Non-Banking Financial Company).
Investor Confidence
Investors have highlighted the company’s potential to revolutionize solar adoption in India.
“SolarSquare’s comprehensive approach, handling everything from installation to post-sale performance, is a game-changer in the industry,” said Rahul Taneja, Partner at Lightspeed.
“With supportive policies and rising awareness, SolarSquare is well-positioned to deliver affordable, reliable solar energy to millions of Indian homes,” noted Mukul Arora, Partner at Elevation Capital.
The Future of Solar Energy in India
With India’s renewable energy sector gaining momentum, SolarSquare’s mission aligns with the government’s vision to increase residential solar adoption. By offering innovative solutions and addressing barriers to entry, SolarSquare is set to play a pivotal role in India’s transition to sustainable energy.
The startup’s focus on affordability, technology, and customer-centricity positions it as a leader in the residential solar market, empowering Indian families to achieve energy independence while contributing to a greener future.
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