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SolarSquare raised $40 M Series B funding from Lightspeed

The biggest venture capital raise in the solar industry in India was made by solar startup SolarSquare, which raised $40 million in its Series B funding. Lightspeed led the round, which also included investments from Gruhas Proptech, Chris Sacca’s Lowercarbon, Lightrock, Elevation Capital, and Nithin Kamath’s Rainmatter.

According to a press release from SolarSquare, the new funding will be utilized to hire specialists, improve technology, invest in brand development, and extend operations to 50 cities throughout India.

SolarSquare, which was founded by Neeraj Jain, Nikhil Nahar, and Shreya Jain, plans, installs, and finances residential rooftop solar systems. Additionally, it offers rooftop solar solutions for commercial buildings and housing societies. Over 20,000 homes and more than 200 cooperative housing societies have been purchased by SolarSquare throughout India since its founding.

PV Diagnostics, a business with experience in utility-scale solar power, was purchased by the company in February.

SolarSquare had raised $19.5 million in three funding rounds prior to this one, supported by well-known angel investors such as Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg, and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, and others.

Although it has not yet submitted its FY24 financial statements, the company’s operating revenue increased by 35.4% to Rs 107 crore in FY23. It reported a loss of Rs 35 crore during that time frame.

Players like Freyr Energy, Mysun, Oorjan, Cleantech, and Zunroof are competitors of SolarSquare. Notable rounds like Glow’s $30 million and InSolare’s $8 million have rekindled interest in the solar industry, despite the fact that funding for solar startups has been scarce in recent years.

 

 

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