Solar products startup SolarSquare raises $4M to build a technology stack

Mumbai-based B2C solar products startup SolarSquare has raised $4 million in a funding round as the company is now aiming to expand its presence and build a technology stack. Early-stage venture firm Good Capital led the round with participation from Lowercarbon Capital, Singapore-based Symphony Asia, and Zerodha co-founder Nithin Kamath’s Rainmatter.

The startup also attracted several angel investors in the round, including Maninder Gulati (Global Chief Strategy Officer of OYO), Ashish Goel (CEO of Urban Ladder), Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg (co-founders of NoBroker).

Neeraj Jain and Nikhil Nahar founded SolarSquare in 2015. Later in 2020, Shreya Mishra, IIT Bombay graduate and serial entrepreneur, joined SolarSquare as a third co-founder.

SolarSquare is a home-energy brand that designs, installs, and finances rooftop solar systems for homes. The startup provides modular and prefabricated installation designs, which are installed within eight hours compared to the industry standard of 3-5 days.

“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tons of CO2 per year from the atmosphere. That’s equivalent to planting 60 trees. Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product,” said Shreya Mishra, chief executive officer at SolarSquare. 

Speaking on the investment, Rohan Malhotra, Managing Partner at Good Capital, said: “Climate change issues are real and pressing. As a firm, we are committed to partnering with the best-in-class entrepreneurs who are addressing challenges in this market. We are thrilled to partner with Shreya, Neeraj, and Nikhil as they set out to build the leading residential solar brand in India.”

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