- Mumbai-based SolarSquare’s $4 Mn funding round was led by Good Capital.
- Nikhil Satejlal Nahar, Neeraj Subhash Jain, Shreya Mishra, and Nikhil Satejlal Nahar founded SolarSquare in 2015.
- SolarSquare claims to do 30 lakh worth of installations a day, offering everything from installation to after-sales service to solar equipment financing.
A rising concern for climate change has led to a focus on sustainable environmental practices. However, there remains a challenge: solar panels are great and all, but commercialization is a problem. Mumbai-based SolarSquare’s $4 Mn funding round led by Good Capital will enable it to scale its solar business and its tech stack in India.
Among the investors in the round were Lowercarbon Capital, Symphony Asia, and Nithin Kamath’s Rainmatter Capital. Amit Kumar Agarwal, Akhil Gupta & Saurabh Garg of NoBroker joined Maninder Gulati and Ashish Goel of Urban Ladder in the round.
This funding will be used primarily to expand across the country and build a technology stack. An app will be launched by SolarSquare so that consumers can monitor their solar system’s performance in real-time.
Nikhil Satejlal Nahar, Neeraj Subhash Jain, Shreya Mishra, and Nikhil Satejlal Nahar founded SolarSquare in 2015. They provide solar installation services to homeowners, residential societies, and commercial buildings. The startup initially focused on commercial use but pivoted to serving housing societies and individuals in 2020.
The company’s solar products are currently available in 20+ states, with clients like Aditya Birla Group, Gokul Agro-Resources, Johnson & Johnson’s, NMIM University and Monginis, among others. Till today, more than a hundred residential societies and beyond two thousand individual homeowners are served by the cleantech startup.
SolarSquare claims to do 30 lakh worth of installations a day, offering everything from installation to after-sales service to solar equipment financing. In addition, the startup offers a Solar Pro programme through which individuals can become agents, gain leads, and earn commissions up to Rs 1 lakh.
According to the International Energy Agency (IEA), solar energy is expected to provide 70 per cent of India’s electricity requirements by 2040. In order to do so, the government is working to make India a solar energy-driven nation and has set a goal of installing 40GW of solar panels in residential areas by 2022, but has only achieved one-eighth of the target by then.
Individuals using a Grid Connected Solar System (Without Battery System) are eligible for a subsidy of up to 30-40% from the government.
Startups in India are also doing their part with the help of investments flowing toward the cleantech sector. Several cleantech startups have received funding between 2019 and 2022, advancing the sustainable energy cause.
Aside from SolarSquare, companies such as Loom Solar, Fryer Energy, Greenko, CleanMax, MYSUN, and others are also using their tech-driven algorithms to implement solar energy and renewable energy efficiency into households.
The cost of home solar systems can be prohibitive for some homeowners since they require an investment of at least INR 1 lakh. Since these startups don’t own the grid, they must work with legacy players. The market is too fragmented as well.