Funding · Climate, Energy & Sustainability

SolarSquare raises $4.2M in Series B round

What they do

SolarSquare designs, installs, and finances rooftop solar systems for homes and businesses

It raised $4.2M via Series B compulsory convertible debentures from Lowercarbon Capital, Gruhas Proptech, Zerodha Technology, and Good Capital

The company has raised over $20M in total and acquired PV Diagnostics earlier in 2024

SolarSquare raised $4.2M (₹35.44 crore) via Series B compulsory convertible debentures (a type of debt that can be turned into equity shares later).
The round included investors Lowercarbon Capital, Gruhas Proptech, Zerodha Technology, and Good Capital.
Lowercarbon Capital invested ₹20.74 crore, the largest portion.
Gruhas Proptech invested ₹6.22 crore, Zerodha Technology invested ₹3.98 crore, and Good Capital invested ₹3.32 crore.
The conversion valuation of the debentures is approximately $75M.
The company will use the funds for expansion, working capital, and general corporate purposes.
SolarSquare has raised over $20M in total to date.

The company's FY23 revenue was ₹107 crore, a 35.4% growth from the previous year.
Its FY23 loss was ₹35 crore.
SolarSquare acquired PV Diagnostics earlier in 2024 to add utility-scale solar expertise.
Lowercarbon Capital holds the largest external stake at 20.29%, followed by Elevation Capital at 14.99%.

SolarSquare designs, installs, and finances rooftop solar systems for homes, housing societies, and commercial establishments.
The company reported ₹107 crore in revenue for FY23.
It competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy.

The company plans to use the funds for expansion, working capital, and general corporate purposes.

Lowercarbon Capital (lead) — A climate-focused venture capital firm.
Gruhas Proptech (participated) — A proptech investment firm led by Abhijeet Pai and Nikhil Kamath.
Zerodha Technology (participated) — The technology arm of the Zerodha brokerage group.
Good Capital (participated) — An early-stage venture capital firm.

Product: End-to-end rooftop solar solutions including consultation, installation, financing, monitoring and after-sales support
Customers: Residential homeowners seeking to install rooftop solar systems
How it makes money: B2C solar solutions provider with financing options and recurring monitoring revenue
What sets it apart: Installed systems in 50,000+ homes across 29 cities with technology platform and financing partnerships