SolarSquare Raises INR100 Crore In Series A Funding The SolarSquare plans to use the fund raised to expand pan-India in the next 18 to 24 months
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Residential solar company SolarSquare, has raised INR 100 crore in Series A funding round led by Elevation Capital and Lowercarbon. The round also saw participation from existing investors Good Capital, Rainmatter and also angels such as Vidit Atrey and Sanjeev Barnwal (Meesho).
The SolarSquare plans to use the fund raised to expand pan-India in the next 18-24 months. The company also plans to invest extensively in giving a seamless experience to its customers with product innovations in installation designs, launching its in-house NBFC to give 5-min loan approvals to residential solar buyers, and to develop technology across the board such as a consumer app for monitoring solar electricity generation, building robust back- end technology dashboards across the customer journey from order booking to installation, and merchant side apps for installation and sales partners, as per company's statement.
"Our mission is to accelerate the mass adoption of rooftop solar among Indian homes. We deeply understand the pain points that a consumer currently faces while switching to solar and we are building highly consumer-centric solar solutions for them. Our mantra is to Simplify Solar and enable more homes to switch to cheaper, reliable and greener solar power," said Shreya Mishra, founder and CEO of SolarSquare.
In the last 2 years the company has solarised close to 5,000 homes, helping owners save on average INR 40,000 per year in electricity bills. Alongside savings, each home also offsets 4 metric tons of CO2 emissions per year by switching to cleaner solar power, claimed by the company in the statement.
"Solar is now much cheaper and cleaner than digging up and burning old dinosaur bones, so putting it on your roof just makes sense, especially in a part of the world with as much sun as India. But getting panels installed wasn't always easy. We backed Shreya, Neeraj, and Nikhil because they have cracked the code on hassle-free rooftop solar," said Chris Sacca, billionaire venture investor and founder of Lowercarbon.
Founded by Neeraj Jain and Nikhil Nahar in 2015, SolarSquare bootstrapped till 2020 as a commercial rooftop solar solutions provider. In 2020, Shreya Mishra joined the company as it decided to foray and eventually pivot into the consumer residential solar segment.