SolarSquare Bags $53 Mn To Scale Its Rooftop Solar Solutions
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Rooftop solar solutions startup SolarSquare has raised $53 Mn (about ₹510 Cr) in its Series Cr funding round led by existing backer Lightspeed. The round also saw participation from other existing backers such as Elevation Capital, Lowercarbon Capital, Rainmatter and Good Capital.
The startup plans to utilise the fresh funds to expand to new cities, strengthen technology capabilities, scale its platform and ramp up hiring.
“… Today, the category has inflected with 1 Lakh homes adopting solar every 10 days in India. And we want to build the operating system for this energy transition in India – with solar installation solutions, after-sales, financing, battery solutions, home energy management. This capital will allow us to accelerate that vision,” said SolarSquare cofounder and CEO Shreya Mishra.
Founded in 2015 by Mishra, Neeraj Jain and Nikhil Nahar, SolarSquare initially catered to B2B clientele but later forayed into the B2C segment in 2021. Currently, the startup operates as a full-stack residential solar brand that handles everything from design and installation to financing and maintenance.
With the current fundraise, the startup has raised more than $100 Mn in funding to date. Having served nearly 50,000 homes so far, SolarSquare claims to be currently clocking ₹1,000 Cr in annual revenue run rate (ARR).
The fundraise comes at a time when the homegrown solar rooftop market is seeing healthy traction on the back of the Centre’s cleantech push such as the PM Surya Ghar scheme, industrial demand and rising electricity tariffs. As per SolarSquare, India has an estimated 70 Mn viable residential rooftops, fuelling the rise of new cleantech startups in the country.
As a result, the cleantech sector continues to attract healthy investor interest. Just days ago, cleantech startup GPS Renewables raised ₹635 Cr in its Series C round led by Sojitz Corporation. In March, another cleantech startup Newtrace bagged $6.3 Mn in its Pre-Series A round led by HDFC Bank Limited and Mitsui Sumitomo Insurance Venture Capital.
At the heart of all this is India’s growing cleantech economy, which is projected to become a $152 Bn opportunity by 2030.
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