Climate Insider Brief:
- SolarSquare raised $40 million in a Series B round led by Lightspeed and Lightrock, with plans to expand operations to 50 cities, double its workforce, and invest in branding and technology.
- The company reported revenue growth from ₹81 crore in FY22 to ₹170 crore in FY24, with expectations to double in FY25, solidifying its position as India’s leading residential solar brand.
- SolarSquare offers a full-stack service for residential solar installations, serving over 20,000 homes and gaining investor confidence for its customer-centric approach and scalable business model.
SolarSquare, a fast-growing rooftop solar startup in India, has raised $40 million in its Series B funding round. The round was led by Lightspeed and Lightrock, with participation from existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The funding will enable SolarSquare to expand its operations, scale its workforce, and enhance its brand presence. “With this round of funding, our first prerogative is to expand to 50 cities, up from 20 cities currently. We will also invest heavily in technology, talent, and branding,” said Shreya Mishra, CEO of SolarSquare, in an interview with Business Standard.
Scaling Operations and Workforce
Founded in 2015 by Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare has become a leading residential solar brand in India. The company currently operates in 20 cities and serves over 20,000 homes and more than 200 cooperative housing societies. It provides end-to-end solar installation services, including design, permits, financing, installation, and maintenance.
With 800 employees as of now, SolarSquare plans to double its headcount by the next financial year, focusing on roles in sales, customer service, and operations. The company is also building an advanced asset management platform for remote monitoring and diagnostics of residential solar systems.
Revenue Growth and Market Position
SolarSquare has shown remarkable growth, reporting revenue of ₹170 crore in FY24, a significant jump from ₹107 crore in FY23 and ₹81 crore in FY22. Mishra expects revenues to double in FY25, underlining the company’s strong market position.
“We are the number one residential solar brand in India, so we also have a proven track record over the last four years,” said Mishra. She added that the cleantech sector, particularly residential solar, has been attractive to investors due to lower R&D costs and faster returns compared to segments like battery manufacturing.
Investor Perspectives
Investors have praised SolarSquare’s customer-centric approach and its role in advancing India’s energy transition. Rahul Taneja, Partner at Lightspeed, said, “We are thrilled to be partnering with SolarSquare, which has fast emerged as the most trusted residential solar brand in India. The clean energy transition has moved from ESG PowerPoint decks to consumers’ homes, and SolarSquare is well on its way to making #HarGharSolar.”
Mukul Arora, Partner at Elevation Capital, highlighted the company’s operational model: “SolarSquare’s full-stack approach of owning the entire customer experience has already set them apart and made the solar adoption process much simpler. With supportive policies and rising consumer awareness, SolarSquare is well-positioned to bring reliable, affordable solar energy to millions of Indian homes.”
The Road Ahead
The Series B funding marks a pivotal moment for SolarSquare as it aims to scale operations, enhance its technology stack, and solidify its leadership in India’s rooftop solar market. With a strong foundation and growing consumer interest in renewable energy, the company is poised to play a critical role in accelerating India’s clean energy goals.
Climate Insider Notes:
- Funding and Growth: SolarSquare raised $40 million in Series B funding, led by Lightspeed and Lightrock, with contributions from Elevation Capital and others.
- Operational Expansion: Plans to expand to 50 cities, double its workforce, and invest in technology and branding.
- Revenue Milestones: Revenue grew from ₹81 crore in FY22 to ₹170 crore in FY24, with expectations to double by FY25.
- Investor Confidence: Backed by prominent investors and angel contributors, including Chris Sacca and Vidit Atrey.
- Market Impact: Positioned as India’s leading residential solar brand with significant potential to drive the clean energy transition.
Source: Business Standard
Featured Image: Credit: SolarSquare
