Key facts
- SolarSquare secured $53 million in a Series C funding round.
- The round was led by B Capital and included existing investors.
- The funds will be used for expansion, technology, and talent acquisition.
- SolarSquare aims to create a comprehensive home-energy platform.
- The company is India's largest residential rooftop solar provider.
SolarSquare, a leading residential rooftop solar provider in India, has successfully raised $53 million in a Series C funding round. The investment, described as the largest venture capital injection in India's solar sector, was led by B Capital and saw participation from existing investors including Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital. This brings SolarSquare's total capital raised to over $100 million.
The fresh capital will be allocated towards expanding operations into new cities, enhancing technological capabilities, hiring key talent, and scaling the company's residential solar platform. SolarSquare aims to establish a comprehensive, nationwide home-energy business.
Founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, SolarSquare has become India's largest residential rooftop solar company, currently powering approximately 50,000 homes with an annual revenue run rate exceeding ₹1,000 crore. The company operates a vertically integrated model, managing the entire customer journey from consultation and design to installation, financing assistance, and maintenance. It is also the first in India to offer performance guarantees on residential solar systems.
This fundraising occurs amidst a surge in rooftop solar adoption in India, driven by rising electricity tariffs, increasing energy demand, and government initiatives like the PM Surya Ghar Scheme. Shreya Mishra, co-founder and CEO of SolarSquare, highlighted the rapid growth in solar adoption, noting that one lakh homes are adopting solar every 10 days. The company's vision is to create an integrated home-energy ecosystem that includes solar installations, financing, battery storage, after-sales services, and energy management solutions.
Investors, such as B Capital, see substantial growth potential in India's residential solar market, which has a vast untapped capacity with only about 5% penetration compared to higher rates in countries like Australia and Germany. This investment underscores the growing investor interest in climate-tech and distributed energy solutions as India pursues its renewable energy goals, aims to reduce reliance on imported fuels, and bolster energy security.