changeadminRooftop solar startup SolarSquare has raised $40 million in a Series B funding round, led by Lightspeed. Existing investors Elevation Capital, Lowercarbon, and Rainmatter also invested in the round.
Founded in 2015 by Neeraj Subhash Jain, Nikhil Satejlal Nahar, and Shreya Mishra, the startup started as a commercial rooftop solar provider.
In 2020, SolarSquare decided to venture into the residential segment. The company designs, installs, finances, and services rooftop solar for homeowners, residential societies, and commercial buildings.
It has a presence across multiple Indian cities in Gujarat, Maharashtra, Madhya Pradesh, Rajasthan, Uttar Pradesh, Delhi, NCR, and Telangana.
The company is in a great position to leverage the Indian government ‘PM Surya Ghar: Muft Bijli Yojana‘, the world’s largest domestic rooftop solar initiative. Launched in February 2024, this groundbreaking initiative aims to provide free electricity to households by facilitating the installation of rooftop solar panels.
The scheme has set a target to enable solar power to ten million households by 2027, with 1 million installations by March 2025, with the numbers doubling to 2 million by October 2025, reaching 40 million by March 2026, and ultimately achieving the target by March 2027.
In 2022, the Mumbai-based company raised $12 million in its Series A funding round led by Elevation Capital and US-based climate-focused fund Lowercarbon Capital. This funding came within four months after it raised $4 Mn in a seed round led by Good Capital.
SolarSquare was on our annual list of 11 Green Startups of the Year 2022.
Want to know the benefits of rooftop solar? Read here.
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