On June 10th, SolarSquare, a business-to-consumer (B2C) solar products startup, raised US $4 million in a round led by early-stage venture capital firm Good Capital.
Lowercarbon Capital from the United States, Symphony Asia from Singapore, and Nithin Kamath’s Rainmatter from Zerodha also participated in the fundraising round.
The round included angel investors such as Maninder Gulati, Oyo’s global chief strategy officer; Ashish Goel, CEO of Urban Ladder; Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, co founders of NoBroker.
SolarSquare intends to use the additional funds to grow its footprint in India and develop its technology.
What the founder has to say:
Chief executive of SolarSquare -Shreya Mishra:
“On average, each home that goes solar with us saves Rs 48,000 in electricity bills and offsets four metric tonnes of CO2 from the atmosphere each year. Our goal is to increase solar home adoption to the point that it becomes a standard household item.
From 2025, the Indian residential solar market is expected to grow at a breakneck pace due to a variety of factors, including rising electricity costs, which make solar more appealing, coal shortages, which cause power outages, rising environmental awareness, and favorable policies.”
What the investors have to say:
Rohan Malhotra, Managing Partner at Good Capital:
“Climate change is a serious and critical concern. As a company, we are dedicated to partnering with the best-in-class entrepreneurs tackling the market’s concerns. We’re ecstatic to be working with Shreya, Neeraj, and Nikhil as they work to establish India’s premier residential solar brand.”
About the company:
SolarSquare, founded in 2015 by Neeraj Jain and Nikhil Nahar, offers modular and prefabricated installation solutions that may be erected in as little as eight hours, as opposed to the typical industry 3-5 days. Shreya Mishra, a serial entrepreneur and IIT Bombay graduate will join SolarSquare as a third cofounder in 2020.
The company began as a business-to-business (B2B) commercial solar enterprise, bootstrapping its way to a top line of roughly Rs 100 crore in five years.
Last year, however, the startup decided to enter the B2C market and shifted its focus to delivering solar power equipment to houses. It is now a home energy brand that designs, installs, and finances residential rooftop solar systems.
The company intends to scale up by developing a technology stack, which will include an app that allows consumers to track the functioning of their solar systems in real-time.
Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR are the startup’s locations.
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