SolarSquare Raises $40M in India’s Largest Solar Sector Funding Round
Mumbai Startup Leads India’s Residential Solar Charge
SolarSquare, India’s largest distributed solar operator, has secured $40 million in a landmark Series B funding round led by Lightspeed Venture Partners. This investment marks the largest venture round in India’s solar energy sector to date.
From Corporate to Residential: A Strategic Pivot
- Founded in Mumbai as a bootstrapped, profitable corporate solar provider
- Shifted focus to residential solar in 2021
- Now powers 20,000+ homes and 200 housing societies nationwide
- Maintains position as India’s leading distributed solar asset operator
“This represents a once-in-a-generation opportunity where profitability meets purpose,” said Shreya Mishra, SolarSquare’s CEO and co-founder. “We’re not just growing rapidly - we’re transforming how India consumes energy.”
The SolarSquare Advantage: Risk-Free Solar Adoption
What sets SolarSquare apart in India’s competitive solar market:
✅ Performance Guarantees: Compensates customers if systems underdeliver ✅ Full-Service Model: End-to-end solutions from design to after-sales service ✅ Affordable Pricing: Average installation cost of ~$1,500 per system
“We treat solar like a fixed deposit - if we promise 5,000 units but deliver only 4,000, we pay for the difference,” Mishra explained. “This guarantee makes solar investment completely risk-free.”
India’s Solar Boom: Government Incentives Fuel Growth
With only 1% of Indian homes currently using solar (vs. 35% in Australia), massive growth potential exists. Key government initiatives include:
- $3B production-linked incentive scheme
- 40% customs duty on solar modules
- 20-70% capital subsidies for rooftop installations
- Accelerated depreciation benefits
“Two years ago, solar was textbook theory for most Indians,” noted Mishra. “Today, they understand the 4-5 year payback period and available subsidies.”
National Expansion with Local Partnerships
SolarSquare plans to:
- Expand from 20 to 50 cities
- Maintain rigorous quality standards
- Partner with local installers in smaller markets
“We’re building for all of India - not just metro cities,” Mishra emphasized. “Wherever there are homes, people will want solar.”
Investor Confidence in India’s Clean Energy Future
The funding round attracted:
- Lead investor: Lightspeed
- Participation from Lightrock
- Continued support from Elevation Capital, Lowercarbon, and Rainmatter
“SolarSquare has become India’s most trusted residential solar brand,” said Lightspeed’s Rahul Taneja. “They’re bringing the clean energy transition directly to consumers’ homes.”
With India targeting 500GW renewable capacity by 2030 (280GW from solar), SolarSquare’s tech-driven approach positions it at the forefront of this transformation. The company will invest in remote monitoring systems to enhance residential solar management nationwide.
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