Lightspeed Leads USD 40 Mn Series B Funding for SolarSquare The company plans to use the fresh funding to expand its footprint to 50 cities, enhance its technology, hire talent, and strengthen its brand presence.
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Mumbai-based solar startup SolarSquare has raised USD 40 million in a Series B funding round, marking the largest venture capital investment in India's solar sector.
The round was led by Lightspeed, with participation from Lightrock, Elevation Capital, Lowercarbon by Chris Sacca, Rainmatter by Zerodha's Nithin Kamath, and Gruhas Proptech.
This fresh capital infusion follows SolarSquare's previous USD 19.5 million raised across three funding rounds, supported by notable angel investors, including Meesho's Vidit Atrey, NoBroker's Amit Agrawal, and Paytm's Vijay Shekhar Sharma.
The company plans to utilise the funding to expand its footprint to 50 cities, enhance its technology, hire talent, and strengthen its brand presence.
Founded by Neeraj Jain and Nikhil Nahar, SolarSquare specialises in designing, installing, and financing rooftop solar systems for homes, housing societies, and commercial establishments. Its end-to-end service includes design, installation, government permits, financing facilitation, and post-sales maintenance.
Since its inception, SolarSquare has brought solar power to over 20,000 homes and 200 cooperative housing societies across India. The company currently operates with a workforce of 800 employees and aims to double its headcount in the next fiscal year, focusing on sales, customer service, and operations roles.
Rahul Taneja, Partner at Lightspeed, praised SolarSquare, saying, "The clean energy transition has moved from ESG PowerPoint decks to consumers' homes. SolarSquare is well on its way to making #hargharsolar."
Earlier this year, SolarSquare acquired PV Diagnostics, a utility-scale solar power expert, strengthening its technological capabilities. Mukul Arora, Partner at Elevation Capital, highlighted, "SolarSquare is well-positioned to bring reliable, affordable solar energy to millions of Indian homes."
SolarSquare Co-founder Mishra emphasised the growing investor interest in cleantech sectors like solar, EVs, and batteries, noting their lower R&D requirements and potential for quicker returns. "We are the number one residential solar brand in India with a proven track record over the last four years," Mishra said.
With supportive government policies and rising consumer awareness, SolarSquare is poised to drive solar adoption in India, making clean energy more accessible and affordable for millions.
