SolarSquare has raised $40 million in a Series B funding round led by Lightspeed with tech industry watchers describing it as the largest venture capital investment in India’s industry to date. The Mumbai-based startup says it has been addressing the challenges of residential solar adoption since pivoting from corporate solutions in 2021.
SolarSquare’s success comes from its innovative approach to mitigating common barriers in solar adoption with the company offering a full-stack service — from design and installation to financing and after-sales support — and guarantees returns on investment.
If promised energy output isn’t met, customers are compensated for the difference, ensuring reliability and trust.
Shreya Mishra, CEO and co-founder of SolarSquare, in a recent interview highlighted the changing landscape: “Two years ago, people had limited knowledge of solar’s potential. Today, government incentives, faster permit processing, and our guarantee-backed solutions are making solar a viable investment for Indian households.
”Government policies, such as net-metering rights and subsidy programs, have further smoothed the path for adoption. SolarSquare plans to expand operations from 20 to 50 cities, ensuring quality by partnering with local firms in smaller regions.
The new funding will also support technological improvements for monitoring solar installations, enhancing efficiency and service.
Babatunde Philips