Home solar solutions provider SolarSquare has secured $40 million in a Series B funding round led by Lightspeed, with additional participation from Lightrock, Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech, the company announced on Thursday.

Offering comprehensive services including design, installation, government permits, financing, and ongoing solar maintenance, SolarSquare plans to use the funds to develop an asset management technology platform for remote monitoring and diagnostics of residential solar systems.

Since its founding in 2015, the company has served over 20,000 homes and more than 200 cooperative housing societies.

Shreya Mishra, CEO of SolarSquare, said, “Only 1% 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.” 

The company stated that the new funding will enable it to scale its presence from 20 cities to over 50 cities while also focusing on investments in technology, talent acquisition, and brand development.

Dinesh Pai, Heading Investments at Rainmatter, said, “We know that the climate challenge is now and here, and there is very little time to act. But at a household level, we can do a bunch of things that help in the long run. Using solar energy as an alternative to conventional fossil fuel-based sources is a low-hanging fruit that needs more mainstreaming. Which is why we are backing SolarSquare again, in their pursuit of making solar installations affordable and easier for households.”

The company previously secured $19.5 million through three funding rounds and has notable angel investors, including Vidit Atrey and Sanjeev Barnwal from Meesho, Amit Agrawal, Saurabh Garg, and Akhil Gupta from NoBroker, Ashish Goyal from UrbanLadder, and Vijay Shekhar Sharma from Paytm.

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