SolarSquare, a rooftop solar start-up, has raised $40 million in its Series B funding round, led by Lightspeed with participation from Lightrock. Existing investors Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech also invested in the round.

The company plans to deploy the new funds for expansion, technology and other corporate purposes. “The company is looking to expand operations to over 50 cities from its current footprint of 20 cities. The company also plans to invest heavily in technology, talent and brand building,” said Shreya Mishra, CEO of SolarSquare.

The company aims to double its team size from the current 800 people in the next 12 to 18 months, she added.

Founded in 2015 by Neeraj Jain and Nikhil Nahar, SolarSquare set out to make rooftop solar accessible to a wider audience. Four years later, Shreya Mishra joined as a third co-founder.

SolarSquare is a full-stack residential solar brand that eliminates middlemen and ensures quality and safe solar installations. The company handles end-to-end for customers — from design to installation, government permits, enabling financing and post-sales regular solar maintenance.

“Only 1 per cent of homes in India have adopted solar so far — we want to accelerate solar adoption by making it easy for families to make the switch to solar. And that’s why we are the first company in India to offer rooftop solar with a promise of guaranteed savings, taking responsibility for not just the installation but also the performance of solar thereafter,” added Mishra.

SolarSquare has close to 20,000 homes and 200 housing societies as customers, with real-time monitoring of solar power production. In 2022, SolarSquare raised ₹100 crore in a Series A funding round led by Elevation Capital and Lowercarbon.

Before this round, SolarSquare had raised $19.5 million across three rounds of funding. The company also counts marquee angel investors such as Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, Nipun Sahni of Apollo Global, Harsh Shah of GoFynd.