Funding · Climate, Energy & Sustainability

SolarSquare in talks for $30 million funding

By Startup Enthusiast · 19 November 2024

What they do

SolarSquare provides rooftop solar systems for homes, societies, and businesses

Lightspeed Venture Partners is in advanced talks to lead a $30 million round at over $130 million valuation

This would be SolarSquare's largest primary capital infusion, signalling growing investor interest in climate tech

SolarSquare is in advanced discussions with Lightspeed Venture Partners to lead a $30 million funding round.
The round is expected to close in December 2024.
The company's valuation is over $130 million.
This would be SolarSquare's largest primary capital infusion so far.
The funds will be used for expansion, working capital, and corporate purposes.
Earlier in 2024, SolarSquare raised $4.2 million from Rainmatter Capital, Gruhas Proptech, Climate Angels, and Lowercarbon Capital.
As of April 2024, the company was valued at $47.7 million (Tracxn).

Lightspeed is increasing its focus on climate tech and AI beyond its traditional enterprise SaaS, fintech, and consumer tech bets.
Lightspeed's previous energy investments include Exponent Energy (EV fast-charging) and Indian Energy Exchange (power trading).
The round reflects growing investor appetite for climate-tech startups in India.

SolarSquare provides B2C rooftop solar solutions for homeowners, housing societies, and commercial businesses.
As of 2022, it was active in six markets: Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra.
It has installed systems in nearly 5,000 homes over two years.
FY23 revenue from operations was ₹107 crore, up from ₹81 crore in FY22.
FY23 losses were ₹30 crore, up from ₹8 crore in FY22.

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

Lightspeed Venture Partners (lead) — Global venture capital firm increasing focus on climate tech and AI.

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