SolarSquare, a leading rooftop solar startup, has raised $40 million in its Series B funding round, marking the largest venture capital infusion in India’s solar sector to date. The round was led by Lightspeed, with participation from prominent investors such as Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The fresh funds will drive SolarSquare’s ambitious plans to expand operations to 50 cities across India, enhance its technology, attract top talent, and boost its brand presence.
Founded by Neeraj Jain, Nikhil Nahar, and Shreya Jain, SolarSquare specializes in designing, installing, and financing rooftop solar systems for homes, housing societies, and commercial properties. Since its inception, the company has catered to over 20,000 households and 200 cooperative housing societies across India.
Earlier this year, SolarSquare bolstered its expertise in the solar power sector by acquiring PV Diagnostics, a utility-scale solar specialist.
Including this latest round, SolarSquare has raised a total of $59.5 million. Past investors include a roster of industry veterans and entrepreneurs, such as Vidit Atrey and Sanjeev Barnwal (Meesho), Amit Agrawal and Akhil Gupta (NoBroker), Ashish Goyal (UrbanLadder), and Vijay Shekhar Sharma (Paytm).
In FY23, SolarSquare reported a 35.4% growth in revenue, reaching Rs 107 crore, though it posted a loss of Rs 35 crore. The company’s financial results for FY24 are yet to be disclosed.
SolarSquare faces competition from peers like Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy. While solar startups have historically struggled to attract funding, recent high-profile rounds, including Glow’s $30 million and InSolare’s $8 million, indicate renewed investor interest in the sector.
With its latest funding and a strong operational track record, SolarSquare aims to lead the charge in making solar energy accessible and affordable for millions of Indian households and businesses.
