Rooftop solar panels on residential buildings under hazy daylight in India.
SolarSquare, a startup specializing in rooftop solar solutions, has successfully raised $53 million (approximately ₹510 Cr) in its Series Cr funding round. The round was led by existing investor Lightspeed, with participation from other key backers including Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital.
The newly acquired capital will be strategically deployed to facilitate expansion into new cities, enhance technological capabilities, scale the company’s platform, and bolster hiring efforts.
Shreya Mishra, cofounder and CEO of SolarSquare, stated, “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.”
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare initially focused on the B2B market before expanding into the B2C segment in 2021. The company now operates as a comprehensive residential solar provider, managing all aspects from design and installation to financing and maintenance.
With this latest funding, SolarSquare has now raised over $100 million to date. The company reports serving nearly 50,000 homes and is currently achieving an annual revenue run rate (ARR) of ₹1,000 Cr.
This fundraising occurs amidst significant growth in India’s solar rooftop market, driven by government initiatives like the PM Surya Ghar scheme, industrial demand, and rising electricity tariffs. SolarSquare estimates that India possesses approximately 70 million viable residential rooftops, fostering a dynamic environment for cleantech startups.
The cleantech sector continues to attract substantial investor interest. Recently, GPS Renewables raised ₹635 Cr in its Series C round, and Newtrace secured $6.3 million in its Pre-Series A round. India’s cleantech economy is projected to become a $152 billion opportunity by 2030.
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