SolarSquare Secures $4.2 Million in Fresh Funding from Zerodha’s Rainmatter, Gruhas, and Others
Summary
This infusion of funds is expected to drive the companys expansion plans, fulfill working capital needs, and support general corporate purposes.This news was first reported by Entrackr.The latest financial boost was formalized through a special resolution by SolarSquares board, resulting in the allotment of 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710, thereby raising Rs 35.44 crore. The company expects to raise additional funds in this round, which may adjust the final valuation.To date, SolarSquare has raised over $20 million, including a Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon Capital in November 2022. Rainmatter and Gruhas Proptech hold 3.84% and 2.50% stakes, respectively.Founded by Neeraj Jain and Nikhil Nahar, SolarSquare specializes in designing, installing, and financing rooftop solar systems for residential homes, housing societies, and commercial establishments. The financial statements for FY24 are yet to be filed.SolarSquare faces competition from several other players in the rooftop solar market, including Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy. Despite the competition, the recent funding round underscores investor confidence in SolarSquares potential to lead the transition towards sustainable energy solutions in India.