[Funding alert] SolarSquare raises $4 million in funding round led by Good Capital
Start-up based in Mumbai SolarSquare announced on Friday that it had lifted $4 million directed by good capitalwith the participation of the American company Low carbon capitalbased in Singapore Asia Symphonyand Nithin Kamath Rain.
The cycle also saw the participation of Better Capital, the climate angelsas well as eminent angels, including Maninder Gulati (Director of Global Strategy, OYO), Ashish Goel (CEO, Urban Ladder), as well as Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg—founders of NoBroker.
Commenting on the announcement, Shreya Mishra, CEO of SolarSquare, said, “Every home that goes solar with us saves an average of Rs 48,000 on electricity bills and offsets four metric tonnes of CO2 per year from the atmosphere. This is equivalent to planting 60 trees. Our mission is to encourage the mass adoption of solar energy in homes so that it becomes a basic household product. »
This is Chris Sacca’s Lowercarbon Capital’s first investment in India. US-based Lowercarbon is one of the world’s leading climate technology venture capital firms with a fund corpus of over $1 billion.
Founded by Neeraj Jain and Nikhil Nahar in 2015, the company started as a seeded B2B (commercial) solar company, and five years later, its annual revenue exceeded Rs 100 crore. The founders were later joined by Shreya Mishra as the third co-founder.
Together, the three founders realized that there was a huge untapped opportunity in the solar B2C space, and in 2021 they pivoted the company towards “solarizing” Indian homes. Today, the home energy brand designs, installs and finances rooftop solar systems for homes.
In less than two years of its foray into the residential solar space, the company is already the fastest growing residential solar brand in India, having solarized over 3,000 houses and housing companies.
The company will use the new capital to expand its presence across India and to develop scaling technology.
Currently, the startup is present in five markets of India: Madhya Pradesh, Maharashtra, Bengaluru, Telangana and Delhi-NCR.
He plans to build a tech stack for scaling, such as building an app for consumers to track their solar system’s performance in real time, a point-of-sale lending app for his sales force. to provide instant loan approvals for homeowners, and a merchant app for its solar installer partners.
The founders realized there was latent demand for families looking to embrace solar power, but the overwhelming process and lack of trust made the leap difficult for consumers.
Aiming to simplify solar power for Indian homes, SolarSquare offers durable and rustproof modular and prefabricated installation designs. These pre-engineered systems are installed within the right hours, compared to an industry standard of three to five days.
Rohan Malhotra, Managing Partner at Good Capital, one of India’s leading seed funds which led the round, said: “The issues of climate change are real and urgent. As a company, we are committed to partnering with the best entrepreneurs who meet the challenges of this market. We are delighted to partner with Shreya, Neeraj and Nikhil as they set out to build the first residential solar brand in India.
SolarSquare eliminates friction for a solar buyer at every step of the process, from quality assurance, EMIs to 0% interest, as well as after-sales services. On the back-end, the company also acts as an aggregator of solar installers and maintenance teams.
(The story has been updated to correct the title.)