Decoding SolarSquare's Series B round, valuation and captable

Solar startup SolarSquare had secured $40 million in its Series B round led by Lightspeed with the participation of Lowercarbon, Elevation Capital, Nithin Kamath’s Zerodha and Gruhas Proptech and others in December 2024.

Apart from revealing the names of the investors, the company did not share specific details. However, Entrackr has analyzed its regulatory filings to uncover key information, including the funding round breakup, shareholding structure, and current valuation.

Earlier this year, the company’s board approved the allotment of 15,729 Series B2 CCPS at an issue price of Rs 1,75,625 each, raising Rs 276.39 crore (approximately $32.8 million). The company also allotted Rs 45 crore worth of partly paid up shares to its co-founders, Shreya Mishra and Neeraj Jain.

The Series B round began in May 2024, during which the company secured Rs 35.44 crore ($4.2 million) from Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, and Lowercarbon Capital and others, as exclusively reported by Entrackr.

Lightspeed spearheaded the round with Rs 121.37 crore ($14.2 million) followed by Lowercarbon with a Rs 69 crore investment (around $8.1 million). Energy Access Acceleration and   Elevation Capital contributed with Rs 52 crore ($6 million) and Rs 48.55 crore ($5.7 million). Rest of the amount covered by Zerodha, Nikhil Kamath-backed Gruhas Tech, Good Capital and few other individuals.

As per Entrackr’s estimates, the company is currently valued at Rs 1,772 crore or around $209 million post-allotment.

Founded in 2015, SolarSquare is a residential solar company that designs, installs, and finances rooftop solar systems for individual homes. It also offers solar solutions for housing societies and commercial buildings.

According to startup data intelligence platform TheKredible, SolarSquare has raised approximately $56 million to date. Following the latest allotment, Lowercarbon Capital has emerged as the largest shareholder with a 15.31% stake, closely followed by Elevation Capital at 15.28%. Co-founders Shreya Mishra, Neeraj Jain and Nikhil Nahar collectively hold a 38.85% stake, while new investor Lightspeed owns 6.85%.

The Mumbai-based company reported over 60% year-on-year growth in operating revenue to Rs 175 crore in the fiscal year ended March 2024 as compared to Rs 107 crore in FY23. However, the company's losses ballooned 2.3X to Rs 69 crore during the same period.

SolarSquare competes with several players in the residential solar space, including Zunroof, which recently raised $2.3 million from Godrej, and Glow, which secured $30 million in funding in December last year. Other notable competitors include Cleantech, Mysun, Oorjan, and Freyr Energy.