Mumbai-based rooftop solar company SolarSquare has successfully raised $40 million in a Series B funding round led by Lightspeed, with participation from Lightrock. The round also saw contributions from existing investors, including Elevation Capital, Lowercarbon, Rainmatter, and Gruhas Proptech.
The newly raised capital will reportedly be utilised to expand SolarSquare’s operations to over 50 cities across the country, up from its current presence in 20. Furthermore, the company plans to invest in technology, talent acquisition, brand-building initiatives, and the development of an asset management technology stack for remote monitoring and diagnostics of residential solar systems.
Additionally, prior to this round, SolarSquare raised $19.5 million across three funding rounds, backed by companies such as Meesho, NoBroker, UrbanLadder, Paytm, and GoFynd. In February 2024, SolarSquare acquired PV Diagnostics, a solar industry consultancy solutions provider.
