Highlights
SolarSquare Secures Funding to Strengthen Rooftop Solar Solutions
SolarSquare, a prominent player in rooftop solar, has raised $53 million in its Series C funding round, spearheaded by B Capital. Existing investors such as Lightspeed, Lowercarbon, and Rainmatter also participated in this round. With this funding, SolarSquare has amassed over $90 million in less than two years.
Recent Funding and Valuation Insights
The previous funding round, a Series B, brought in $40 million in December 2024, led by Lightspeed. The startup Superb has scrutinised SolarSquare’s regulatory documents to unveil details about the latest funding, current captable, and valuation post-money. According to regulatory filings retrieved from the Registrar of Companies (RoC), SolarSquare’s board approved a special resolution to issue 11,969 Series C compulsorily convertible preference shares (CCPS) along with one equity share at an issue price of Rs 4,26,112 each, totalling Rs 510 crore ($53 million).
Key Investors and Contributions
In this funding round, B Capital emerged as the principal investor with an investment of Rs 287.7 crore (approximately $30 million). Following closely was Lightspeed Venture Partners with Rs 79.85 crore (around $8.3 million), Lowercarbon with Rs 65.83 crore (around $6.8 million), Good Capital contributing Rs 40.73 crore, Mangum LLC at Rs 21.94 crore, and Rainmatter, backed by Zerodha, with Rs 11 crore. Better Capital will contribute the remaining amount, while former Indian cricket captain MS Dhoni participated through his family office, Midas Deals.
Startup Superb has estimated that SolarSquare’s post-money valuation has nearly doubled to about Rs 4,500 crore (around $470 million) from approximately $253 million during the $40 million Series B round. Post-allotment, Lowercarbon maintains its position as the largest external shareholder with 16.09% of the company, followed by Elevation Capital at 15.23%. Lightspeed Venture Partners holds 9.91%, Good Capital owns 8.24%, and new investor B Capital secured a 6.4% stake. The employee stock ownership plan (ESOP) pool constitutes 5.74%, Lightrock has 3.49%, and Rainmatter Capital retains 2.69%. Meanwhile, the three co-founders, Neeraj Jain, Shreya Mishra, and Nikhil Nahar, collectively maintain a 27.54% stake in the company.
Company Overview and Future Plans
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare offers comprehensive rooftop solar solutions for homeowners, including consultation, system design, installation, financing support, and maintenance. The company has announced that the funds will be allocated towards expansion into new cities, enhancing its technology platform, recruiting talent, and scaling its home energy services.
For the fiscal year ending March 2025, SolarSquare recorded a doubling of operating revenue to Rs 355 crore, up from Rs 175 crore in FY24. The firm’s losses decreased by 46% to Rs 37 crore during this period. In the competitive residential rooftop solar market, SolarSquare faces rivals such as ZunRoof, Glow, Mysun, Oorjan Cleantech, and Freyr Energy.
