B2C solar products startup SolarSquare has raised $4 million in fresh funding led by early-stage venture investment firm Good Capital.

The funding round also saw participation from US-based Lowercarbon Capital, Singapore-based Symphony Asia, and Zerodha co-founder Nithin Kamath’s Rainmatter. Angel investors, including Maninder Gulati, Global chief strategy officer at Oyo, Ashish Goel (CEO of Urban Ladder), as well as Akhil Gupta, Amit Kumar Agarwal, and Saurabh Garg, co-founders of NoBroker, also participated in the round.

As per the startup, the freshly raised funds will be utilised to expand its presence in India and build technology. It plans to build a technology stack to scale up, including an app for consumers to track their solar system performance in real-time.

SolarSquare | Driving Mass Adoption Of Rooftop Solar In India

Founded by Neeraj Jain and Nikhil Nahar in 2015, SolarSquare designs, builds, operates and finances solar plants. It provides modular and prefabricated installation designs, which are installed within eight hours compared to the industry standard of 3-5 days.

In 2020, Shreya Mishra, IIT Bombay graduate and serial entrepreneur, joined SolarSquare as a third co-founder.

Speaking about the brand, Shreya Mishra, CEO of SolarSquare, said,

“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tonnes of CO2 per year from the atmosphere…Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product.”

SolarSquare started off as a B2B commercial solar company but later decided to tap into the B2C space and pivoted the business to providing solar power equipment to homes last year. The startup aims to make clean energy affordable and accessible and is driving mass adoption of rooftop solar systems for homes.

Presently, SolarSquare operates in Madhya Pradesh, Maharashtra, Bengaluru, Telangana and Delhi-NCR.

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