SolarSquare, a Mumbai-based solar installation startup, has raised $40 million in a Series B funding round with Lightspeed Venture Partners leading the investment and additional support from Lightrock, Elevation Capital and other investors. Founded in 2015, SolarSquare specializes in residential solar installations and has already helped over 20,000 homes and 200 housing societies across India to adopt solar energy solutions. In addition to its strong market presence, SolarSquare leads the government's National Solar Portal, a platform that aims to simplify the process of solar adoption for homeowners across the country. The company plans to use the new funds to significantly expand its operations. SolarSquare aims to increase its reach from 20 cities to 50 cities in the next two years.
The company also intends to enhance its technological platform, providing real-time monitoring of solar performance for better service and transparency. Furthermore, SolarSquare will invest in brand-building to establish itself as a leader in the residential solar market. CEO Shreya Mishra highlighted that the company’s primary mission is to make solar energy accessible to more Indian families as only 1% of homes in the country currently use solar power. SolarSquare’s five-year savings guarantee adds confidence to customers, ensuring reliable returns on their investments in solar energy. This unique offering has been a key factor in driving the company's growth.
India has set an ambitious goal of achieving 500 GW of renewable energy by 2030 and SolarSquare's efforts are in line with these national objectives. By using a full-service approach, the company removes middlemen and provides complete services including installation, financing and maintenance. This makes solar power more affordable and easier to access for customers. SolarSquare is supported by several prominent angel investors including Paytm’s Vijay Shekhar Sharma and Meesho’s Vidit Atrey. The company is now working towards becoming one of the most trusted brands in residential solar energy, contributing to India’s long-term sustainability goals.
