SolarSquare, a provider of residential solar energy solutions, has secured Rs 100 crore ($12 million) in a Series a round-headed by Elevation Capital and Chris Sacca’s climate-tech fund, Lowercarbon. Existing investors also participated such as Good Capital, the Rainmatter, as well as angel investors like Vidit Atrey and Sanjeev Barnwal (Meesho), who participated in this round.
The Funds Raised:
This is the Mumbai-based startup’s second round of investment for 2022. In a June seed round sponsored by Good Capital, it received Rs 30 crore. In the upcoming 18 to 24 months, SolarSquare intends to spread throughout India. The company intends to make investments in new installation and product designs as well as the development of an internal NBFC to quickly approve loans for residential solar purchasers.
Red newswire has uncovered important information through the business’s regulatory filings, despite the fact that the company did not offer a split of the transaction. A regulatory filing with the Registrar of Companies (RoC) reveals that the board of directors at SolarSquare has approved a special resolution to sell 3 equity and 15,926 preference shares at an issue price of Rs 46,710 per share to generate Rs 74.40 crore or 9Mn.
With 50 crore rupees, Elevation Capital took the lead in the round. Sacca’s Lowercarbon contributed 17.23 crore rupees. Better money was provided by Zerodha Technology, Vidit Aatrey, and a number of private investors, who contributed a total of Rs 7.2 crore.
Post-allotment, the firm was estimated to be worth roughly $52 million, or around Rs 420 crore, by Fintrackr. After the round is officially closed, the valuation can go up a little bit.
SolarSquare is a company that provides services such as designing, installing, and financing residential rooftop solar systems. It was started by Neeraj Jain and Nikhil Nahar. Additionally, it offers business buildings and housing cooperatives rooftop solar energy solutions. The business says it has solarized about 5,000 homes in a previous couple of years.
The company has collaborated with companies like Jindal Steel, Unilever, Panasonic, Reliance, and Johnson & Johnson for its B2B business, among others.
Among its rivals are Cleantech, Mysun, Oorjan, and Freyr Energy.
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