Solar startup SolarSquare has secured $40 million in its Series B funding, the largest venture capital raise in India’s solar sector. The round was led by Lightspeed and included investments from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
Entrackr had exclusively reported about the new round in May this year.
The fresh capital will be used to expand its operations to 50 cities across India, bolster technology, hire talent, and invest in brand-building, SolarSquare said in a press release.
Founded by Neeraj Jain, Nikhil Nahar and Shreya Jain, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. Since its inception, SolarSquare has acquired over 20,000 homes and more than 200 cooperative housing societies as customers across India.
In February, the company acquired PV Diagnostics, a company with expertise in the utility-scale solar power sector.
Prior to this round, SolarSquare had raised $19.5 million across three funding rounds, backed by prominent angel investors including Meesho’s Vidit Atrey and Sanjeev Barnwal, NoBroker’s Amit Agrawal, Saurabh Garg, and Akhil Gupta, UrbanLadder’s Ashish Goyal, Paytm’s Vijay Shekhar Sharma, and others.
The company is yet to file its financial statements for FY24, but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted a Rs 35 crore loss in the same period.
SolarSquare competes with players like Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy. Although solar startups have seen limited funding in recent years, notable rounds such as Glow’s $30 million and InSolare’s $8 million have reignited interest in the sector.
Source: Entrackr : Latest Posts