SolarSquare Raises $40 Mn Funding to Accelerate Solar Adoption in India

The fundraise was led by Lightspeed, with participation from Lightrock and existing investors.

Across India, increasing presence from 20 cities.

Develop asset management tech stack for remote monitoring and diagnostics.

SolarSquare, a full-stack residential solar brand, has raised $40 million in Series B funding led by Lightspeed, with participation from Lightrock, Elevation Capital, Lowercarbon Capital, Rainmatter, and Gruhas Proptech.

The funding will enable SolarSquare to accelerate its mission to make solar energy accessible and affordable for Indian households. The startup plans to expand its presence across India, develop its asset management tech stack, and enhance its customer experience.

Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare has established itself as a leading player in the residential solar market. The startup has received several awards and recognition, including the "Best Start-up in Renewable Energy" award at the India Energy Awards 2022.

Before founding SolarSquare, Shreya Mishra worked at PwC (2010-2013) and KPMG (2013-2015), while Neeraj Jain held stints at Larsen & Toubro (2009-2012) and McKinsey and Company (2012-2015). Nikhil Nahar previously worked at Siemens (2011-2014) and Schneider Electric (2014-2015).

Other Indian startups that have raised significant funding for renewable resources in 2023 and 2024 include BatX Energies, Buyofuel, and Chakr Innovation.

BatX Energies raised INR 0.245 Mn in funding from investors including LetsVenture, JITO Angel Network, and family offices of Mankind Pharma, Excel Industries, and BluSmart in December 2023, as per Inc42 report.

Buyofuel, a biofuel startup, raised INR 0.2 Mn in funding from investors including IPV, VCATS, Gruhas Proptech, LV, and Lead Angels Fund in November 2022.

Chakr Innovation, which offers an emission control device, raised INR 3.4Mn in funding from investors including Neev Fund II, Indian Angel Network, ONGC, Parampara Capital, and Globevestor in November 2021.

SolarSquare is India's leading home solar company, with a rating of 4.8 on Google and over 5,000 customer reviews. 

They also have a partnership program called SolarPro, which allows individuals to earn commissions by referring customers to SolarSquare .