Funding · Climate, Energy & Sustainability
SolarSquare raises $40 million Series B
By Startup Enthusiast ·
- Date
- Company
- SolarSquare
- What it does
- Full-stack rooftop solar solutions
- Kind
- Funding
- Amount
- $40 million
- Stage
- Series B
- Founded
- 2015
What they do
SolarSquare provides end-to-end rooftop solar for homes, societies and commercial properties
What happened
It raised $40 million in Series B led by Lightspeed, with Lightrock, Elevation Capital and others
Why it matters
This is the largest venture capital round in India's solar sector; the company plans to expand to 50 cities
The details
- SolarSquare raised $40 million in Series B funding.
- Lightspeed led the round.
- Other participants include Lightrock, Elevation Capital, Lowercarbon, Rainmatter and Gruhas Proptech.
- This is the largest venture capital raise in India's solar sector.
- The company will use the funds for expansion to 50 cities, technology enhancement, hiring and brand-building.
- SolarSquare has raised a total of $59.5 million including this round.
The bigger picture
- The round signals growing investor confidence in India's residential solar market.
- SolarSquare is on track to achieve profitability within two years.
- It aims to grow 10 times in the next five years.
- The company acquired PV Diagnostics in February 2024.
About the business
- SolarSquare is a full-stack rooftop solar provider: design, installation, financing for homes, housing societies and commercial properties.
- It operates in 20 cities and plans to expand to top 50 cities across India.
- It has served over 20,000 households and 200 cooperative housing societies.
- It offers end-to-end services: procurement of over 70 components, custom design, government permits, installation, financing and after-sales support.
- SolarSquare is the first company in India to offer a five-year savings guarantee on solar installations.
- Its run rate exceeds ₹400 crores.
- FY23 revenue was ₹107 crore (35.4% growth) and loss was ₹35 crore.
What happens next
- Expand to 50 cities across India.
- Enhance technology and hire more staff.
- Build brand awareness.
- Achieve profitability within two years.
- Grow 10 times in the next five years.
The deal
- Type
- funding
Investors
- Lightspeed (lead)
- Lightrock (participated)
- Elevation Capital (participated)
- Lowercarbon (participated) — Chris Sacca's climate tech fund
- Rainmatter (participated) — Nithin Kamath's investment platform
- Gruhas Proptech (participated)
Founders
- Neeraj Jain, co-founder
- Nikhil Nahar, co-founder
- Shreya Jain, co-founder
- Shreya Mishra, co-founder
About SolarSquare
- 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
Other articles talking about it
More on SolarSquare
- SolarSquare raises ₹100 crore Series A21 September 2026 · Funding · ₹100 Cr
- SolarSquare raises $53m in Series C funding round21 July 2026 · Funding · $53 million
- SolarSquare raises $53 million in Series C led by B Capital3 July 2026 · Funding · $53M
- SolarSquare raises $53 million in Series C funding16 June 2026 · Funding · $53 million
- SolarSquare in talks to raise $55-60M Series C23 May 2026 · Funding · $55M to $60M
- SolarSquare plans 30 new cities, eyes international expansion27 June 2025 · Launch · $40 million
- SolarSquare reports Rs 69 crore loss in FY2421 February 2025 · Results
- SolarSquare in talks for $30 million funding19 November 2024 · Funding · $30 million