B2C rooftop solar startup SolarSquare, has raised $12 million in a Series A funding round led by Elevation Capital and existing investor Lowercarbon, the US-based Chris Sacca’s climate-tech fund.
- This latest capital infusion is coming on the heels of a $3.6 million seed round led by Good Capital five months ago.
- Founded in 2015 by the trio of Neeraj Jain, Shreya Mishra and Nikhil Nahar, SolarSquare 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. At present, it offers instant loans for solar rooftops via its NBFC partners.
- The startup which currently has a presence in six markets, including Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra, plans to expand its reach across India in the next 18-24 months.
- It will also use the funds to launch two apps for consumers and merchants (installation and sales partners), respectively, for monitoring solar electricity generation.
- In the last 2 years, the company has provided solar solutions to almost 5,000 homes, helping owners save on average INR 40,000 (~$500) per year in electricity bills. Alongside savings, each home also offsets 4 metric tons of CO2 emissions per year by switching to cleaner solar power.