SolarSquare raises Rs 100 crore in Series A led by Elevation Capital, Lowercarbon

Residential solar company SolarSquare announced its Series A funding of Rs 100 crore led by Elevation Capital and Lowercarbon, Chris Sacca’s multi-billion dollar climate-tech fund. The round also saw participation from existing investors Good Capital, Rainmatter and also angels such as Vidit Atrey & Sanjeev Barnwal (Meesho).

The company had announced a Rs 30 crore seed round in June this year led by Good Capital, along with participation from Lowercarbon, Symphony Asia, Rainmatter, Better Capital and GoMassive.

SolarSquare designs, installs and finances rooftop solar systems for homes. In addition, the company also provides rooftop solar solutions for housing societies and commercial establishments.

In the last 2 years the company has solarised close to 5,000 homes, helping owners save on average Rs 40,000 per year in electricity bills. Alongside savings, each home also offsets 4 metric tons of CO2 emissions per year by switching to cleaner solar power.

While currently a fragmented and unorganized market, SolarSquare aims to create a trusted residential solar brand on the back of standardized installation quality, professional services and easy EMI financing for consumers.

The start-up introduced for the first time in India modular and prefabricated rooftop solar installation designs which are durable, standardized and 100% rust-proof. These prefabricated systems get installed within just 8 hours on a home-roof compared to 3-5 days installation time as per industry standard.

The company is operating in Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh and Maharashtra. With this round of financing, they will expand pan-India in the next 18-24 months. SolarSquare plans to invest extensively in giving a seamless experience to its customers with product innovations in installation designs, launching its in-house NBFC to give 5-min loan approvals to residential solar buyers.

The company also plans to develop technology across the board such as - a consumer app for monitoring solar electricity generation, building robust back-end technology dashboards across the customer journey - from order booking to installation, and merchant side apps for installation and sales partners.

Founded by Neeraj Jain, IIT Bombay graduate and Nikhil Nahar, ex-Panasonic in 2015, the company bootstrapped till 2020 as a commercial rooftop solar solutions provider. In 2020, third co-founder Shreya Mishra, a serial entrepreneur and IIT Bombay graduate joined the company as it decided to foray and eventually pivot into the consumer residential solar segment.

Shreya Mishra, founder and CEO of SolarSquare, said, "Our mission is to accelerate the mass adoption of rooftop solar among Indian homes. We deeply understand the pain points that a consumer currently faces while switching to solar and we are building highly consumer-centric solar solutions for them. Our mantra is to “Simplify Solar” and enable more homes to switch to cheaper, reliable and greener solar power.”