B2C rooftop solar startup SolarSquare has raised Rs 100 crore in a Series A funding round led by Elevation Capital and existing investor Lowercarbon, the US-based Chris Sacca’s climate-tech fund.

Existing investors, including Good Capital, Rainmatter, and angels Vidit Atrey and Sanjeev Barnwal (Meesho), also participated in the funding round.

The B2C rooftop solar startup plans to deploy the funds towards strengthening its embedded solar financing proposition by getting an NBFC licence in the near future. Presently, SolarSquare offers instant loans for solar rooftops via its NBFC partners.

SolarSquare | B2C Rooftop Solar Startup

Founded by Neeraj Jain, Shreya Mishra, and Nikhil Nahar in 2015, SolarSquare is driving the mass adoption of rooftop solar in India. The startup designs, builds, operates and finances solar plants.

Speaking about the development, Shreya Mishra, Co-founder of SolarSquare, said,

“We plan to start the application process in the coming months. Having our own NBFC will allow us to offer point-of-sale long-term loans to consumer, which would make the product more affordable and economical. Short-term EMIs for solar rooftop projects turn out to be expensive, and hence, we aim to innovate on the same.”

SolarSquare procures rooftop solar panels and inverters from third-party vendors, designs them at its in-house facility, and installs them as per consumer requirements, besides offering after-sales service.

The B2C rooftop solar startup provides modular and prefabricated installation designs, which are installed within eight hours compared to the industry standard of 3-5 days. In June 2022, SolarSquare raised $4 million in funding led by early-stage venture investment firm Good Capital.

As per Shreya Mishra, co-founder of SolarSquare, the firm has sold solar systems to around 5,000 homes. The firm plans to break even in the next 18-24 months and grow almost 3X in 2022.

SolarSquare currently serves six markets, including Bengaluru, Delhi, Madhya Pradesh, Maharashtra, Gujarat, and Hyderabad. It plans to expand its reach pan-India in the next 18-24 months, besides launching two apps for consumers and merchants (installation and sales partners), respectively, for monitoring solar electricity generation.

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