SolarSquare raises $40 million in Series B funding round

SolarSquare which is into home solar, said it has raised $40 million in its Series B funding round led by Lightspeed with participation from Lightrock.

Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also invested in the round, the firm said.

A residential solar brand the firm eliminates middlemen and ensures safe solar installations. The company handles everything end-to-end for customers – from design to installation, government permits, enabling financing and post-sales regular solar maintenance, it said.

Shreya Mishra, CEO, SolarSquare said, “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. And that’s why we are the first company in India to offer rooftop solar with a promise of guaranteed savings, taking responsibility for not just the installation but also the performance of solar thereafter.”

The $40 million infusion will accelerate the firm’s growth ambitions, which include expanding operations to over 50 cities from its current footprint of 20 cities, she said adding the firm would invest in technology, talent and brand building.