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SolarSquare has raised $ 40 million in a round led by Lightspeed in what is the largest speculation bout in India ’s solar sphere .
The Mumbai - base startup was bootstrapped and profitably betray to corporal customers for five years before itswitched to residential solar in 2021 . Now it has scaled to powering over 20,000 plate and 200 housing societies across India , and is India ’s enceinte operator of distributed solar assets .
“ This is the chance of a lifetime , ” Shreya Mishra , co - beginner and chief executive ofSolarSquare , secern TechCrunch in an audience . “ It ’s not just an diligence that ’s growing superfast — it ’s where profit and purpose align . ”
Unlike others in the blank , SolarSquare vouch paying back on solar investment and make up customers if systems do n’t fork up , defecate its full - stack service — design and selling the systems , install them to the consumer ’s rooftop , secure permit facilitation , funding and offering after - sales services — much more compelling . The overall cost of buying and having the system installed averages about $ 1,500 .
“ If we foretell you ’ll get 5,000 units of electricity from solar but you end up getting only 4,000 social unit , we will pay you back for the balance wheel 1,000 units , ” Mishra said . “ This form solar like a deposit deposit for customers because return on investment is guarantee . ”
Thanks to recent incentives furnish by the regime , solar interest has surged in recent year . The push is necessary as only about 1 % of Amerindic household have presently assume solar , equate to countries like Australia , where 35 % homes have solar , and Brazil , where more than 5 % homes have solar .
“ Two years back , the great unwashed only had textbook cognition — they discover in schooltime that solar is something good , ” Mishra say . “ They did n’t know how much it cost , they did n’t know about governing subsidies , they did n’t make out that the payback point is literally 4 to 5 long time . ”
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India has pose an ambitious target of achieve 500 gigawatts of renewable energy capacity by 2030 , with solar power expected to lend about 280 gigawatts to this goal . To accelerate solar adoption , Modi ’s government has introduced several incentives , include a output - linked bonus dodge deserving $ 3 billion to boost domesticated solar fabrication , 40 % canonical customs duty on solar modules to protect local industry , and viability gap financial backing for utility program to ramp up solar infrastructure in remote areas .
The government also provide accelerated depreciation benefits , income taxation holidays for solar projection , and cap subsidies ranging from 20 % to 70 % for rooftop solar facility , while also mandating renewable purchase debt instrument for state public-service corporation to ensure steadfast demand for solar mogul . SolarSquare help its client identify and help the benefit of the governance subsidy , Mishra said .
“ India is the first country in the world to make mesh - metering , this commutation of electrical energy , a consumer right that make economics more workable as you ’re able to freely trade electricity with the power grid , ” she said .
The demand for solar is slowly gallop well beyond major cities . “ Unlike immediate - commerce or patronage that pore on top 10 - 15 city , solar is actually a interior , Bharat sort of business , ” Mishra said . “ People in Tier 1 , tier up 2 , Tier 3 cities as well as rural India — everywhere there are home , people will want to go solar . ”
SolarSquare will deploy the fresh funds to expand from 20 to 50 metropolis , but is occupy a thrifty advance . “ As entrepreneurs , we ’re not in a business of ‘ move fast and break thing , ’ ” she said . “ When you ’re doing a serious product like solar , playing with people ’s life history and safety , there has to be that amount of seriousness . ”
For smaller urban center , the inauguration contrive to work with local cooperator while maintaining quality control .
The timing works in SolarSquare ’s favor . India has made net income - metering a consumer right wing and cut down permit processing from months to day .
Lightspeed lead the investment , a Series B funding round , with Lightrock connection , alongside existing investors Elevation Capital , Chris Sacca ’s Lowercarbon , and Nithin Kamath ’s Rainmatter . The startup , which had leaven $ 19.5 million antecedently , will also invest in technology to build up better systems for monitoring and managing residential solar installation remotely .
“ We are thrilled to be partnering with Solar Square , which has tight emerged as the most trusted residential solar sword in India , ” said Lightspeed partner Rahul Taneja in a assertion . “ The unclouded vim transition has moved from ESG PowerPoint embellish to the consumers ‘ homes and Solar Square is well on its way to making # hargharsolar . ”
The deal with SolarSquare is the latest from Lightspeed in India , where it has invested in 20 startup — including putting magnanimous tab in startups including Zepto , Physics Wallah and Pocket FM — in 2024 .
