SolarSquare, a home solar firm, revealed on Thursday that it has secured $40 million in a Series B fundraising round headed by Lightspeed, with participation from Lightrock. Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also took part in the round. SolarSquare, which provides end-to-end solutions in design, installation, government permits, financing, and post-sales monthly solar maintenance, will use the funds to construct an asset management tech stack for remote monitoring and diagnostics of residential solar systems.
Since its debut in 2015, the firm claims to have served over 20,000 residences and 200 cooperative housing groups. Shreya Mishra, CEO of SolarSquare, stated on the investment, “Only 1% of homes in India have adopted solar so far – we want to accelerate solar adoption by making it easy for families to make the switch to solar.” According to the firm, the new cash injection would allow it to extend its operations to more than 50 locations from its existing 20 cities, as well as invest in technology, talent, and brand growth.
“We understand that the climate crisis is here and here, with limited time to respond. However, at the home level, we may do a variety of things to aid in the long run. Using solar energy as an alternative to traditional fossil fuel-based sources is a low-hanging fruit that needs to be more widely adopted. Which is why we are once again supporting Solarsquare in their efforts to make solar systems more cheap and accessible to homeowners,” said Dinesh Pai, Rainmatter’s Head of Investments. The startup had secured $19.5 million in three rounds of fundraising. Its angel investors include Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, and others.
