SolarSquare raises Rs 100 Cr Series A funding led by Elevation Capital, Lowercarbon
Summary
SolarSquare, a B2C rooftop solar startup, raised Rs 100 crore in a Series A funding round led by Elevation Capital and existing investor Lowercarbon the US-based Chris Saccas climate-tech fund.The round also saw participation from other existing investors, including Good Capital, Rainmatter, and angels Vidit Atrey and Sanjeev Barnwal (Meesho).The latest capital infusion comes five months after the startup raised its seed round worth Rs 30 crore led by Good Capital.The three-year-old startup, which enables consumers to install and maintain rooftop solar systems, plans to deploy the funds towards strengthening its embedded solar financing proposition by getting an NBFC licence in the near future. This one-time cost turns out to be challenging, and hence, the need for cheap financing solutions/loans is a necessity for solar rooftops to pick up in India.Serving six markets, including Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra, the startup also plans to expand its reach pan-India in the next 18-24 months, besides launching two apps for consumers and merchants (installation and sales partners), respectively, for monitoring solar electricity generation.Founded in 2015 by IIT Bombay alumni Neeraj Jain, Shreya Mishra, and former Panasonic executive Nikhil Nahar, SolarSquare was bootstrapped till 2020 as a commercial rooftop solar solutions provider. Later, the startup decided to pivot into the consumer residential solar segment (B2C) and made its first installation in September 2020.The startup procures rooftop solar panels and inverters from third-party vendors, designs them at its in-house facility, and installs them as per consumer requirements, besides offering after-sales service.The startup charges a lump sum fee from the consumers and also assists them with availing of government subsidies. It plans to break even in the next 18-24 months and grow almost 3X in 2022.Chris Sacca, venture investor and founder of climate-tech fund Lowercarbon, said, Solar is now much cheaper and cleaner than digging up and burning old dinosaur bones. We backed Shreya, Neeraj, and Nikhil because they have cracked the code on hassle-free rooftop solar.Mukul Arora, Partner at Elevation Capital, added, SolarSquares full-stack business model and product innovations provide a high-quality experience to consumers and lay the foundation of building a tech-first home energy brand.