SolarSquare, an energy platform based out of Mumbai, said on Friday that it has secured seed funding worth $4 million led by Good Capital and joined by Lowercarbon Capital, Symphony Asia and Nithin Kamath’s Rainmatter. The brand aims to use this amount to broaden footprint within the country as well as build more technology for scaling purposes.
This round of funding also witnessed investors like Better Capital and climate angels including Maninder Gulati (global chief strategy officer, OYO), Ashish Goel (CEO, Urban Ladder) and Amit Kumar Agarwal, Akhil Gupta and Saurabh Garg (founders of NoBroker).
SolarSquare, a business-to-business solar company, was launched in 2015 by Neeraj Jain and Nikhil Nahar.
Currently spread across Madhya Pradesh, Maharashtra, Bengaluru, Telangana and Delhi NCR, this brand is a home-energy branch that focuses on financing, designing as well as installing solar rooftops in various homes. They claim to be the country’s fastest growing residential solar brand, one that has solarised more than 3000 houses and societies.
“Each home that goes solar with us saves Rs 48,000 on average in electricity bills and offsets 4 metric tons of CO2 per year from the atmosphere. That’s equivalent to planting 60 trees. Our mission is to drive mass adoption of solar amongst homes such that it becomes a staple household product," said Shreya Mishra, chief executive officer at SolarSquare.
Good Capital is a seed-to-Series A stage focused venture capital organisation that aims at backing up B2B and B2C startup firms, both in India and the US.
“Climate change issues are real and pressing. As a firm we are committed to partnering with the best-in-class entrepreneurs who are addressing challenges in this market. We are thrilled to partner with Shreya, Neeraj and Nikhil as they set out to build the leading residential solar brand in India," said Rohan Malhotra, Managing Partner at Good Capital.
The statement also mentioned that this particular investment by Chris Sacca’s Lowercarbon Capital is first in India.
(With inputs from VCCircle)