Rooftop solar startup SolarSquare raises $4.2 M from Zerodha, Gruhas, others

Mumbai-headquartered rooftop solar startup SolarSquare has raised (INR 35.44 crore) (about USD 4.2 million) from existing investors Zerodha Technology, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercarbon Capital, and Good Capital. The firm will issue 7,589 Series B compulsory convertible debentures at INR 46,710. The company has been valued at around INR 394 crore (USD 48 million) post-allotment.Lowercarbon and Good Capital invested INR 20.74 crore and INR 3.32 crore while Gruhas Proptech and Zerodha Technology invested INR 6.22 crore and INR 3.98 crore, respectively. The funding will be used for the expansion and working capital requirements.SolarSquare has raised over USD 20 million to date including its INR 100 crore (USD 12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Zerodha Technology and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare.Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. Its revenue from operations grew 35.4% to INR 107 crore in FY23.