SolarSquare Secures 100 Cr Series A Funding by Elevation Capital and Lowercarbon

Mumbai-based solar installation and financing start-up, SolarSquare has announced recently that it has raised Rs 100 crore in a Series A round majorly sponsored by Elevation Capital and Lowercarbon, Chris Sacca’s multibillion-dollar fund for climate-tech companies.

Existing investors Good Capital, Rainmatter, and Better Capital, as well as angel investors like Vidit Atrey and Sanjeev Barnwal from Meesho, participated in the round as well.

With participation from Lowercarbon, Symphony Asia, Rainmatter, Better Capital, and GoMassive, the start-up raised Rs 30 crore in a seed round in June, which was led by Good Capital.

In the upcoming 18 to 24 months, the newly generated funds will be used to expand operations across India. Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra are the current locations where the organization conducts business. SolarSquare intends to make significant investments in the establishment of its own NBFC to provide home solar buyers with five-minute loan approvals.

The firm also intends to construct comprehensive back-end technology dashboards spanning the customer journey, from order booking to installation, as well as merchant-side apps for installation and sales partners. These are just a few of the technologies the company hopes to develop.

SolarSquare employs a hub-and-spoke business model to run local warehouses. The team currently has 200 members, and by the end of 2023, they intend to add 100 more. Additionally, the business is expanding its leadership hires.

The company was established in 2015 by IIT Bombay graduate Neeraj Jain and former Panasonic employee Nikhil Nahar. It began with B2B contracts for the design, financing, and installation of solar panels. Shreya Mishra, the third co-founder, and an IIT Bombay alumna joined the team in 2020. The business then decided to become a direct-to-consumer brand and focus primarily on residential projects in non-metro areas.

With the fresh capital, the startup will submit an NBFC licensing application within the next 18 to 24 months.