Mumbai-based solar startup SolarSquare has raised $40 million in its Series B funding round, marking the largest investment in India’s residential solar sector. The round was led by Lightspeed, with support from Lightrock, Elevation Capital, Chris Sacca’s LowerCarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
Co-founder Shreya Mishra revealed that the funds will be used to scale the company’s presence across the country and enhance its technological capabilities. SolarSquare, which currently operates in 20 cities, aims to expand to the top 50 cities, bringing solar solutions to urban and rural homes alike. Mishra described solar adoption as a grassroots movement, saying every household across India will benefit from switching to solar.
As a full-stack solar solutions provider, SolarSquare manages the entire process, from sourcing over 70 essential components to customizing rooftop installations for Indian homes. Mishra stressed the need to oversee the entire value chain, pointing out that solar systems are not simple plug-and-play products. The company handles everything, including government permits, installation quality, financing options, and long-term after-sales service.
SolarSquare is the first in India to offer a savings guarantee on solar installations. Mishra explained that customers receive a five-year performance assurance, where any shortfall in power generation is compensated. This initiative ensures customers have a risk-free experience while benefiting from solar energy savings.
With a revenue run rate surpassing ₹400 crores, Mishra stated that SolarSquare aims to grow tenfold over the next five years. The company is also on track to achieve profitability within two years, positioning itself as a leader in India’s rapidly growing solar energy market.
SolarSquare is a Mumbai-based residential solar solutions provider that aims to make solar energy accessible to households across India. Founded with a mission to drive clean energy adoption, SolarSquare offers end-to-end services, including customized rooftop solar installations, procurement of essential components, handling government permits, and providing financing options.
The company stands out for its unique five-year savings guarantee, ensuring customers receive assured performance and compensation for any shortfall in power generation. Operating in over 20 cities, SolarSquare plans to expand its reach to the top 50 cities while enhancing its technological capabilities. With a strong revenue growth trajectory and a commitment to achieving profitability, SolarSquare is playing a pivotal role in advancing India’s transition to sustainable energy.
