US-based Lowercarbon Capital, Singapore-based Symphony Asia, and Zerodha co-founder Nithin Kamath’s Rainmatter also participated in the funding round.
Angel investors including Maninder Gulati, global chief strategy officer, Oyo; Ashish Goel, CEO of Urban Ladder, as well as Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, co-founders of NoBroker, also participated in the round.
SolarSquare plans to utilise the fresh capital to expand its presence in India and to build technology.
The startup plans to build a technology stack to scale up, including an app for consumers to track their solar system performance in real-time.
Founded in 2015 by Neeraj Jain and Nikhil Nahar, SolarSquare provides modular and prefabricated installation designs, which are installed within eight hours compared to the industry standard of 3-5 days. In 2020, Shreya Mishra, IIT Bombay graduate and serial entrepreneur, joined SolarSquare as a third cofounder.
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The company started off as a business-to-business (B2B) commercial solar company bootstrapping the business to around Rs 100 crore of annual top line in five years.
However, the startup decided to tap into the B2C space and pivoted the business to providing solar power equipment to homes last year. It currently is a home energy brand which designs, installs, and finances rooftop solar systems for homes.
SolarSquare said that in less than two years of its foray into the residential solar space, the company has solarised more than 3,000 homes and housing societies.
“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tonnes of CO2 per year from the atmosphere…Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product,” chief executive Shreya Mishra said in a statement on Thursday.
The startup is present in Madhya Pradesh, Maharashtra, Bengaluru, Telangana and Delhi-NCR.
“The Indian residential solar market is expected to see hockey stick growth from 2025 due to various factors such as rising electricity expenses making solar more attractive, coal shortage causing power outages, increasing environmental awareness and favourable policies,” Mishra added.
