SolarSquare Raises $53M for India Rooftop Solar Expansion

New Delhi, Jun 16 (PTI) Residential rooftop solar solutions provider SolarSquare on Tuesday said it has raised USD 53 million in a funding round, and will utilise the funds to expand to new cities and deepen tech capabilities.

The Series C funding round was led by B Capital with existing investor Lightspeed doubling down on the company and marks the largest venture investment in India's solar sector, a company statement said.


Other existing investors, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital also participated in the current round. This will take the total capital raised by SolarSquare to over USD 100 million, it stated.

Founded by Neeraj Jain, Nikhil Nahar and Shreya Mishra in 2015, SolarSquare has grown into India's largest residential rooftop solar brand, having powered 50,000 homes across the country, and is currently running at a rate of over Rs 1,000 crore in revenues, it stated.

"... We want to build the operating system for this energy transition in India -- with solar installation solutions, after-sales, financing, battery solutions, and home energy management. This capital will allow us to accelerate that vision," said Shreya Mishra, Co-Founder & CEO, SolarSquare.