VC Fund Investments
Residential solar firm SolarSquare raises $12-M led by Elevation Capital
Mumbai-based residential solar company SolarSquare has raised INR 100 crore (USD 12 million) in its Series A round led by Elevation Capital with participation from Silicon Valley-based Chris Sacca promoted climate-tech fund Lowercarbon Capital and existing investors Good Capital and Rainmatter. Angel investors including Vidit Atrey and Sanjeev Barnwal (Founders of Meesho) also participated. Elevation Capital led the round with INR 50 crore while Lowercarbon Capital invested INR 17.23 crore. SolarSquare designs, instals, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. In the last couple of years, the company claims to have solarised close to 5,000 homes. SolarSquare plans to expand pan-India in the next 18-24 months. The firm plans to invest in product innovations in installation designs, launching its in-house NBFC to provide quick loan approvals to residential solar buyers.
From the Venture Intelligence PE-VC Deal Database: In June 22, SolarSquare had raised USD 4 million, led by Good Capital. US-based Lowercarbon Capital (founded by well known investor Chris Sacca), Singapore-based Symphony Asia, and Zerodha co-founder Nithin Kamath’s Rainmatter Capital also participated in the funding round. Angel investors including Maninder Gulati, global chief strategy officer, Oyo; Ashish Goel, CEO of Urban Ladder, as well as Amit Kumar Agarwal, Akhil Gupta, and Saurabh Garg, co-founders of NoBroker, also participated in the round.
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