SolarSquare, a business-to-consumer (B2C) solar goods company, has secured $4 million from Good Capital, an early-stage venture capital firm.
Lowercarbon Capital from the United States, Symphony Asia from Singapore, and Nithin Kamath’s Rainmatter from Zerodha also took part 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; and 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 technologies.
The company intends to scale up by developing a technological stack, which will include an app that allows users to track the functioning of their solar systems in real-time.
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 industry type of 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 firm 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.
SolarSquare claims to have solarized over 3,000 houses and housing societies in less than two years after entering the residential solar market.
