Key facts
- SolarSquare secured $53 million in a Series C funding round led by B Capital.
- The funding round is the largest for residential solar in India.
- Existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital also participated.
- The capital will be used for expansion into new cities, technology enhancement, and team growth.
- SolarSquare aims to build a comprehensive home-energy platform.
SolarSquare, India's largest residential rooftop solar company, has raised $53 million in a Series C funding round led by B Capital. This investment, described as the largest venture capital injection in India's solar sector, also included participation from existing investors Lightspeed Venture Partners, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha, and Good Capital, bringing SolarSquare's total raised capital to over $100 million.
The funds will be deployed for expansion into new cities, enhancing technological capabilities, and growing the team, with the goal of scaling the company's integrated home-energy platform. Founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, SolarSquare currently powers approximately 50,000 homes and has an annualised revenue run rate exceeding ₹1,000 crore.
The fundraising occurs amid a significant increase in rooftop solar adoption in India, driven by rising electricity costs and government initiatives. Investors like B Capital see substantial growth potential in India's residential solar market, which has a low penetration rate compared to other developed countries, aligning with India's renewable energy goals and energy security objectives.