Indian rooftop solar firm SolarSquare raises $53 million
The fresh funding will be used to accelerate expansion into new cities, strengthen its technology platform, hire talent, and scale its home energy offerings, including solar installations, financing, battery storage, and energy management solutions.
Indian residential rooftop solar company SolarSquare has raised USD 53 million in a Series C funding round led by B Capital, with participation from existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital.
SolarSquare provides end-to-end rooftop solar solutions for homeowners, covering consultation, system design, installation, financing support and maintenance.
The fresh funding will be used to accelerate expansion into new cities, strengthen its technology platform, hire talent, and scale its home energy offerings, including solar installations, financing, battery storage, and energy management solutions, the Mumbai-based company said, according to a report by Entrackr.
The company believes that India has entered a new era where rooftop solar systems are being rapidly adopted.
“[W]e want to build the operating system for this energy transition in India —with solar installation solutions, after-sales, financing, battery solutions, home energy management,” said Shreya Mishra, Co-Founder & CEO, SolarSquare. “This capital will allow us to accelerate that vision.”
“At B Capital, we’ve studied residential energy across markets for years, and SolarSquare combines category leadership, best-in-class unit economics, and a proprietary technology and asset-management layer that compounds with every install,” said Karan Mohla, General Partner, B Capital, according to a report by Entrepreneur. “What drew us in is the quality and tenure of the founders, a team that has spent a decade patiently building category infrastructure and layering in future growth levers in financing and battery storage.”