Venture Capital: Indian Startup SolarSquare Raises $4M Including From Chris Sacca’s Lowercarbon Capital
The round was led by Good Capital.
SolarSquare, a startup based in Mumbai, India, that aims to make clean energy affordable and accessible to homes across India, has raised a $4 million funding round led by Good Capital, with participation from US-based Lowercarbon Capital, Singapore-based Symphony Asia, and Nithin Kamath’s Rainmatter.
The round also saw participation from Better Capital, Climate Angels, as well as prominent angels including Maninder Gulati (Global Chief Strategy Officer, OYO), Ashish Goel (CEO, Urban Ladder), as well as Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, founders of NoBroker. (YOUR STORY)
Significantly, this is the first investment in India by Chris Sacca’s Lowercarbon Capital, a top US climate-focused venture capital firm boasting of an AUM of over $1 billion.
Solarising Indian homes
This is the current mission of SolarSquare, originally founded as a B2B solar firm in 2015 by Neeraj Jain and Nikhil Nahar. Commercial solar applications soon generated annual sales of over Rs 100 crores.
That was a springboard for the company to venture into the consumer space (B2C) in 2021, specifically rooftop solar installations for Indian homes, which it designs, installs and finances.
As of date, SolarSquare has already ‘solarised’ over 3,000 homes and housing societies.
But a lot remains to be done, and SolarSquare’s future plans include a consumer app to track their solar installation, a merchant app for solar installation partners, and a lending app for use by the sales team when a financing opportunity arises.
Commenting on the announcement, Shreya Mishra, CEO at SolarSquare, said, “Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets four metric tons of CO2 per year from the atmosphere.”
“That’s equivalent to planting 60 trees. Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product.”
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