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SolarSquare has raised $40 million in a funding round led by Lightspeed, marking the largest venture investment in India's solar sector. Based in Mumbai, SolarSquare transitioned from corporate sales to residential solar in 2021 and now powers over 20,000 homes, becoming India’s largest operator of distributed solar assets. Co-founder Shreya Mishra emphasizes the alignment of profit and purpose in this rapidly growing industry.
The company differentiates itself by guaranteeing returns on solar investments, promising compensation if energy outputs fall short. With average installation costs around $1,500, SolarSquare aims to make solar energy accessible and attractive. Government incentives have fueled interest in solar, as only 1% of Indian homes currently adopt it compared to higher rates in countries like Australia.
India has ambitious renewable energy targets, aiming for 500 gigawatts by 2030, with solar expected to contribute 280 gigawatts. The government supports this transition with various incentives, including tax benefits and subsidies, while SolarSquare aids customers in navigating these opportunities.
With the new funding, SolarSquare plans to expand its operations from 20 to 50 cities, partnering with local entities to maintain quality. The investment reflects Lightspeed's growing commitment to the Indian market, where it has invested in multiple startups.
