SolarSquare Secures $53 Million for Residential Solar Expansion

Residential solar company SolarSquare has successfully obtained $53 million in a Series C funding round led by B Capital. The round also saw investment from existing stakeholders, including Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital. With this funding, the total amount raised by the company surpasses $100 million.

Established in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare specialises in comprehensive rooftop solar solutions aimed at homeowners. Their services encompass consultation, system design, installation, financing assistance, and ongoing maintenance.

SolarSquare has indicated that the newly secured funds will be utilised to accelerate their expansion into additional cities, enhance their technology platform, recruit talented individuals, and broaden their home energy services. This includes solar installations, financing options, battery storage, and energy management solutions.

Impressive Track Record in Residential Solar

According to the latest updates from SolarSquare, the company has successfully powered over 50,000 homes throughout India and is currently achieving an annual revenue run rate exceeding Rs 1,000 crore. The co-founder and CEO, Shreya Mishra, noted that five years prior, the company made a strong commitment, believing that every Indian household would eventually use rooftop solar energy. At that juncture, residential solar was emerging, with less than 100,000 homes adopting solar each year. Presently, the situation has transformed, with one lakh homes now integrating solar energy every ten days in India.

Leading the Way in Rooftop Solar Installations

SolarSquare asserts that it manages the largest collection of residential solar assets in India and was the pioneer in the nation to offer performance guarantees for rooftop solar installations. This funding arrives at a time when the demand for residential solar solutions is rising, bolstered by increasing electricity tariffs and government initiatives like the PM Surya Ghar scheme. SolarSquare estimates that India possesses approximately 70 million suitable residential rooftops, yet current rooftop solar adoption remains below 5%.

Previous Funding Rounds and Competitive Landscape

In December 2024, SolarSquare had previously raised $40 million in a Series B funding round led by Lightspeed, with contributions from Lightrock, Elevation Capital, Lowercarbon Capital, Rainmatter, and Gruhas Proptech. In the residential rooftop solar sector, SolarSquare faces competition from various players such as ZunRoof, Glow Solar, Mysun, Oorjan Cleantech, and Freyr Energy. The company aims to set itself apart through its vertically integrated model, advanced technology platform, and robust performance guarantees for clients.