SolarSquare has raised $40 million in Series B funding that the Mumbai-based solar company will use to expand its operations, according to reporting by Entrackr.
Lightspeed led the round with additional investments from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter and Gruhas Proptech. A TechCrunch story shows this is the largest venture round for India’s solar sector.
SolarSquare is working to advance solar energy adoption in India by installing rooftop solar systems for homes, housing societies and commercial properties. The company currently offers services in about 20 Indian cities and will put its latest capital toward increasing its footprint to reach 50 cities. SolarSquare also plans to invest in technology, hiring and brand building.
“The team’s mission to bring clean, affordable solar energy to every Indian home resonated deeply with us from the start, and we’ve been impressed by how they’ve executed on this vision through a full-stack approach,” returning investor Elevation Capital wrote in a LinkedIn post about the news.
