In one of the biggest VC deals in India’s solar energy space, rooftop solar brand SolarSquare has raised USD 40 million (~INR 342 crore) in a Series B round. The round closed in December 2024 and was led by Lightspeed Venture Partners with new and existing investors Lightrock, Elevation Capital, Lowercarbon Capital, Rainmatter Capital, and Gruhas Proptech participating.
Founded in 2015 in Mumbai, SolarSquare started as a bootstrapped solar EPC company and has now become a full-stack residential solar brand offering design, financing, post-installation performance assurance and remote diagnostics services.
💸 Funding Details and Valuation
According to reports, SolarSquare’s board approved the issuance of 15,729 Series B2 CCPS at INR 1,75,625 per share, which translates to USD 32.8 Mn (~INR 281 crore). Additionally, the company issued partly paid-up shares worth INR 45 crore to its co-founders Shreya Mishra and Neeraj Jain, taking the total round size to INR 338 crore.
The round started in May 2024 and the first tranche of USD 4.2 Mn (~INR 35.93 crore) was raised from investors like Zerodha’s Rainmatter Capital, Abhijeet Pai, Nikhil Kamath’s Gruhas Proptech, and Lowercarbon Capital.
Here’s the breakdown:
- Lightspeed: USD 14.2 million (~INR 121.48 crore)
- Lowercarbon Capital: USD 8.1 million (~INR 69.29 crore)
- Energy Access Acceleration Fund: USD 6 million (~INR 51.32 crore)
- Elevation Capital: USD 5.7 million (~INR 48.76 crore)
- Rainmatter, Gruhas, Good Capital, and others filled the rest
Post-allotment, Entrackr estimates the company’s valuation at USD 209 million (~INR 1,788 crore).
🚀 What’s Next: Scaling, Tech & Talent
According to CEO Shreya Mishra, the capital will be deployed to expand operations from 20 to 50 cities, double the workforce, and build a cutting-edge asset management platform for remote monitoring and diagnostics of solar systems.
“We are the first company in India to offer rooftop solar with a guaranteed savings model. We want to make solar adoption seamless and financially viable for Indian households,” said Mishra in a statement.
The company currently has 800 employees and plans to double this number in FY25 with significant hiring in sales, operations and customer service roles.
🌞 SolarSquare’s Position in the Market
With 20,000+ homes and 200+ cooperative housing societies already served, SolarSquare is becoming a leading player in India’s residential solar market. Its direct-to-consumer (D2C) approach and full-stack operational control has earned it the tag of “India’s most trusted residential solar brand” among investors.
Only 1% of Indian homes have adopted solar energy so far. Mishra believes the convergence of government incentives, consumer awareness and scalable tech gives SolarSquare a unique advantage.
🌍 Investor Confidence in CleanTech
The Series B round underscores growing VC interest in clean energy, particularly segments like residential solar, EVs, and battery manufacturing, which do not demand high R&D spends or patient capital.
“SolarSquare’s D2C model and end-to-end customer ownership reduce friction in the adoption journey,” said Mukul Arora, Partner at Elevation Capital. “They are simplifying solar for the Indian middle class.”
Rahul Taneja, Partner at Lightspeed, added, “We’re excited to partner with SolarSquare as they bring clean energy from corporate ESG decks into people’s homes.”
📊 Financial Performance
- FY22 Revenue: INR 81 crore
- FY23 Revenue: INR 107 crore
- FY24 Revenue: INR 170 crore
- FY25 Projection: Revenue expected to double over the previous fiscal year
👥 Founders & Past Funding
SolarSquare was founded by Shreya Mishra, Neeraj Jain, and Nikhil Nahar. Before the Series B, the company had raised USD 19.5 million (~166.82 crore) across three previous rounds.
Notable angel investors include Vidit Atrey and Sanjeev Barnwal (Meesho), Amit Agrawal, Saurabh Garg, and Akhil Gupta (NoBroker), Ashish Goyal (Urban Ladder), Vijay Shekhar Sharma (Paytm), and Nipun Sahni (Apollo Global).
Elluminate Capital was the exclusive financial advisor for the Series B round.
📝 Conclusion
With a big investor group, city-level expansion plans and tech-enabled performance assurance SolarSquare is a leader in India’s clean energy journey. As residential solar moves forward SolarSquare will turn rooftops across the country into powerhouses of sustainability.
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