SolarSquare Expands Solar Revolution with $40 Million Raise

SolarSquare, a Mumbai-based startup, has raised $40 million, marking the largest venture investment in India's solar sector. The round was led by Lightspeed, alongside investors like Lightrock, Elevation Capital, and others. Initially catering to corporate clients, SolarSquare pivoted to residential solar in 2021 and has since expanded to power over 20,000 homes. The company differentiates itself by guaranteeing returns on solar investments and compensating customers if returns fall short. With India's government incentivizing solar adoption through subsidies and policies, the demand for solar installations is spreading across the nation. SolarSquare aims to expand its reach from 20 to 50 cities with the new funding, while also focusing on developing technology for better management of solar systems. The government's support and the consumer-friendly net-metering policy are key factors driving this growth.