Mumbai-based energy platform SolarSquare Energy has raised $40 million (Rs 340 crore) in its Series B funding round led by multi-stage venture capital firm Lightspeed.
Impact-oriented private equity firm Lightrock also participated in the round along with existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech.
The company will use the funds to expand its operations to 50 cities across India from 20 currently, it said in a statement. Part of the funds will also be used to invest in its technology, talent and brand building, it added.
SolarSquare was set up in 2015 by Neeraj Jain and Nikhil Nahar, and later joined by Shreya Mishra in 2020. The company designs, installs and finances rooftop solar systems for homes.
“Only 1% of homes in India have adopted solar so far - we want to accelerate solar adoption by making it easy for families to make the switch to solar,” said Mishra, who is also CEO of SolarSquare.
The company claims to have installed solar systems in 20,000 homes and more than 200 cooperative housing societies across India.
The latest round comes about two years after SolarSquare secured $12 million as a part of its Series A funding, co-led by Elevation Capital and Lowercarbon Capital. In June 2022, it bagged seed funding of $4 million led by Good Capital, with participation from Lowercarbon Capital, Symphony Asia and Rainmatter.
Elluminate Capital acted as the exclusive financial advisor to the company on the transaction.
