To utilise the proceeds to expand its presence across India and build technology
SolarSquare has raised $4 million in a funding round led by Good Capital with participation from Lowercarbon Capital (the US), Symphony Asia (Singapore) and Nithin Kamath’s Rainmatter.
“Each home that goes solar with us saves ₹48,000 on average in electricity bills and offsets 4 tonness of carbondioxide a year from the atmosphere. That’s equivalent to planting 60 trees,” Shreya Mishra, Chief Executive Officer of SolarSquare, said.
The seven-year-old startup supplies modular and prefabricated solar installation designs. These prefabricated systems get installed in eight hours.
She said Indian homes were expected to install $50 billion worth of rooftop solar in this decade.
“The market is currently largely unorganised and poor quality products. There are no after-sales service standards in the country. This makes a compelling opportunity,” she said.
The Mumbai-based startup said it would utilise the proceeds to expand its presence across India and to build technology. The startup currently offers its products in Madhya Pradesh, Maharashtra, Bangalore, Telangana and Delhi.
“We have plans to build a technology stack for scale-up. This includes readying an app for consumers to track their solar system performance in real-time and point-of-sale lending app for sales and an app for solar installation partners,” she said in a statement on Friday.
The company, founded by Neeraj Jain and Nikhil Nahar, as a business-to-business solar company and achieved a turnover of ₹100 crore. Shreya Mishra joined the startup as a third co-founder.
In two years of forying into residential solar space, they covered 3,000 homes and housing societies.
The latest funding round saw participation from Better Capital, Climate Angels, Maninder Gulati (Global Chief Strategy Officer, OYO) and Ashish Goel (CEO, Urban Ladder).