Residential solar company SolarSquare has raised Rs 100 crore ($12 million) in its Series A led by Elevation Capital and Lowercarbon, Chris Sacca’s climate-tech fund. The round also saw participation from existing investors Good Capital, Rainmatter, and also angels such as Vidit Atrey and Sanjeev Barnwal (Meesho).
This is the second funding round for the Mumbai-based startup in 2022. It scooped up Rs 30 crore in seed round led by Good Capital in June. SolarSquare plans to expand pan-India in the next 18-24 months. The firm plans to invest in product innovations in installation designs, launching its in-house NBFC to provide quick loan approvals to residential solar buyers.
While the company did not provide breakup of the round, Fintrackr has decoded crucial details through its regulatory filings. The board at SolarSquare has passed a special resolution to issue 3 equity and 15,926 preference shares at an issue price of Rs 46,710 per share to raise Rs 74.40 crore or $9 million, a regulatory filing with the Registrar of Companies (RoC) shows.
Elevation capital led the round with Rs 50 crore while Sacca’s Lowercarbon pumped in Rs 17.23 crore during the round. Better capital, Zerodha Technology along with Vidit Aatrey and a clutch of individual investors collectively participated with Rs 7.2 crore.
As per Fintrackr’s estimates, the company has been valued at around Rs 420 crore or $52 million, post-allotment. The valuation may increase a bit after the final closure of the round.
Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. In the last couple of years, the company claims to have solarised close to 5,000 homes.
For its B2B business, the company has worked with the likes of Jindal Steel, Unilever, Panasonic, Reliance, and Johnson & Johnson among others.
SolarSquare competes with Cleantech, Mysun, Oorjan, and Freyr Energy, among others.