Lowercarbon Capital backed SolarSquare that raised $4M

US-based Lowercarbon Capital, Singapore-based Symphony Asia, and Nithin Kamath’s Rainmatter, and Good Capital-backed SolarSquare which has raised $4 million.

Mumbai-based startup SolarSquare was founded by Neeraj Jain and Nikhil Nahar in the year 2015. Initially, the company began as a bootstrapped B2B (commercial) solar company, and after five years, its annual topline crossed the line of Rs 100 crore. In the list of founders, Shreya Mishra joined as a third co-founder of the company.

Altogether, these three founders realized that a massive untapped opportunity existed in B2C solar space, and in the year 2021, they pivoted the business to 'solarising' Indian homes. The home energy brand designs installs, and finances rooftop solar systems for homes will be the focus of the company.

In less than two years of its foray into residential solar space, the company was awarded as India’s fastest-growing residential solar brand, having solarized more than 3,000 homes and housing societies.

This Mumbai-based company, SolarSquare is planning to utilize the fresh funding capital in the following ways:

To spread its presence across India, and
To build technology for scaling the brand.

Currently, the startup is existing in every corner of India including—Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR.

The plan of build a technology for scale-up, such as building an application for consumers to track and view their solar system performance in real-time, a point-of-sale lending app for its sales force to facilitate instant loan approvals to homeowners, and a merchant app for its solar installation partners.

The founders realized that there was a major demand for families looking to adopt solar, but the process and lack of trust made taking the plunge difficult for consumers.

EXECUTIVE OPINION:

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.”

Tags : SolarSquare, StartupsDekho

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Lowercarbon Capital backed SolarSquare that raised $4M

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