SolarSquare Startup Raises $4 Million in Seed led by Good Capital
A business-to-consumer solar products startup called SolarSquare closed a $4 Million Series A funding round led by Lowercarbon capital (US), Symphony Asia (Singapore), and Nithin Kamath’s Rainmatter.
Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg-founders of NoBroker-also contributed to the Mumbai-based startup. Others include Better Capital, Climate Angels, Maninder Gulati (Global Chief Strategy Officer at OYO), Ashish Goel (CEO at Urban Ladder), and other prominent angel investors.
“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tons of CO2 per year from the atmosphere…Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product,” said chief executive Shreya Mishra in a statement.
The company was founded in 2015 by Neeraj Jain and Nikhil Nahar, and it offers modular and fabricated installations with fast installation times, according to the company. The industry standard is 3-5 days for installations.
“The Indian residential solar market is expected to see hockey stick growth from 2025 due to various factors such as rising electricity expenses making solar more attractive, coal shortage causing power outages, increasing environmental awareness, and favorable policies,” Shreya added.
In the present scenario, the startup has set foot in five markets of India i.e., Madhya Pradesh, Maharashtra, Bengaluru, Telangana, and Delhi-NCR.
With a scale-up strategy, Solar Square plans to develop iPhone and Android apps for customers to track the performance of their solar systems in real-time, a point-of-sale lending app for sales representatives to provide instant loan approvals to homeowners, and a merchant app for its solar installation partners.