Home solar startup SolarSquare has raised $40 million in its Series B funding round led by Lightspeed with participation from Lightrock, the company announced on Thursday. Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also participated in the round.
SolarSquare, which offers end-to-end solution in designing, installation, government permits, enabling financing and post-sales regular solar maintenance, will invest the capital in building an asset management tech stack for remote monitoring and diagnostics of residential solar systems.
The company said it has over 20,000 homes and more than 200 cooperative housing societies as customers since its inception in 2015.
Speaking on the investment, Shreya Mishra, CEO of SolarSquare said, “Only 1% of homes in India have adopted solar so far – we want to accelerate solar adoption by making it easy for families to make the switch to solar.”
The fresh capital infusion will help the company expand its operations to over 50 cities from its current 20 cities along with investment in technology, talent and brand building, the company said.
“We know that the climate challenge is now and here, and there is very little time to act. But at a household level, we can do a bunch of things that help in the long run. Using solar energy as an alternative to conventional fossil fuel-based sources is a low-hanging fruit that needs more mainstreaming. Which is why we are backing Solarsquare again, in their pursuit of making solar installations affordable and easier for households,” said Dinesh Pai, Heading investments at Rainmatter.
The company had last raised $19.5 million across three rounds of funding. It counts 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, etc., among its angel investors.