SolarSquare, one of India’s leading operators of distributed solar assets, has secured $40 million (approx. Rs. 338 crore) in a Series B funding round, one of the largest venture capital investments in the Indian solar sector. The round was led by Lightspeed, with participation from Lightrock and existing investors Elevation Capital, Chris Sacca’s LowerCarbon, Nitin Kamath’s Rainmatter, and Gruhaus Proptech.
Founded in 2015 as a bootstrapped solar EPC company in Mumbai, SolarSquare has evolved into a full-stack residential solar solutions brand. It offers end-to-end services, including design, installation, financing, permit facilitation, and after-sales maintenance, eliminating the need for middlemen.
The company has served more than 20,000 households and more than 200 cooperative housing societies across India. The newly-raised capital will be deployed to develop an advanced asset management technology stack for remote monitoring and diagnostics of residential solar systems.
Shreya Mishra, CEO of SolarSquare said, “Only 1% of households in India have solar installed so far – we want to accelerate solar adoption by making it easy for families to switch to solar. And that is why we are the first company in India to offer rooftop solar with a guaranteed savings promise, taking responsibility not only for installation but also for the performance of the solar thereafter.”
The recent $40 million investment will accelerate SolarSquare’s growth ambitions, including expanding operations to more than 50 cities from its current footprint of 20 cities. Mishra added that the company also plans to invest heavily in technology, talent and brand building.
Investing in climate tech startups is part of Lightspeed’s strategy to enable the clean energy transition. Rahul Taneja, the partner at Lightspeed who led the fund’s investment in Solar Square, highlights India’s unique potential for clean energy innovation, offering VCs both economic returns and environmental impact. Lightspeed’s investment in SolarSquare will increase its expansion from 20 to 50 cities, leverage technology and talent, and develop advanced asset management tools for remote solar monitoring and diagnostics, increasing efficiency and customer satisfaction.
Mukul Arora, Partner, Elevation Capital, said, “Despite growing environmental awareness, adoption of solar energy for Indian households has remained complex. Solar Square’s full-stack approach to owning the entire customer experience has already set them apart and greatly simplified the solar acquisition process. With supportive policies and growing consumer awareness, SolarScare is well positioned to bring reliable, affordable solar power to millions of Indian homes.”
Prior to this Series B round, SolarScare had raised $19.5 million in three funding rounds. The company boasts an impressive roster of angel investors, including Vidit Atre and Sanjeev Barnwal of Meesho, Amit Aggarwal, Saurabh Garg, and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, Nipun Sahni of Apollo Global. , and includes Harsh. GoFynd’s Shah Illuminate Capital acted as exclusive financial advisor for the transaction.
