SolarSquare, a rooftop solar startup, has successfully raised $4.2 million in its new funding round. Some of its existing members have participated in the round, including Zerodha’s Rainmatter Capital, Gruhas Proptecg, Lowercarbon Capital, Good Capital, and Climate Angels. The round was led by Lowercarbon Capital, with an investment of Rs 20.74 crore. Launched in 2015 by Neeraj Jain and Nikhil Nahr, the startup specializes in designing, installing, and financing rooftop solar systems for housing societies and commercial establishments.
According to Entrackr, the startup’s regulatory filing mentioned investment made by Gruhas Proptech was Rs 6.22 crore, followed by Good Capital with Rs 3.32 crore and Zerodha Technology with Rs 3.98 crore. The fresh fund will be used to scale the company, fulfill working capital requirements, and support the general corporate process. The regulatory filing also revealed that the startup’s board passed a resolution to allot 7,589 series B compulsory convertible debentures at an issue price of Rs 46,710. In the next funding round, these debentures will be converted into preference shares; investors predict the valuation to be $75 million.
TheKredible estimated the current valuation of SolarSquare to be $48 million, which is expected to rise in additional funding rounds. With all funding rounds, the startup has raised over $20 million. Lower carbon capital is the biggest stakeholder of the startup, with 20.29%, followed by external stakeholders at 14.99%. The startup registered a four-fold increase in net loss from Rs 8 crore to Rs 30 crore in FY23, despite the company revenue increasing from Rs 81 crore to Rs 107 crore in FY23.
SolarSquare faces competition from other known names in the rooftop solar market, including Zunroof, Mysun, Oorjan, Cleantech, and Freyr Energy. The capital raised from this round will expand the company, address working capital needs, and support general corporate purposes while leading SolarSquare to continue growth and innovation in the solar solutions market.
Conclusion
SolarSquare, a rooftop solar startup has successfully secured $4.2 million in its new funding round led by Lowercarbon Capital with an investment of Rs 20.74 crore. Some of its existing members have participated in the round, including Zerodha’s Rainmatter Capital, Gruhas Proptecg, Lowercarbon Capital, Good Capital, and Climate Angels. The startup specializes in designing, installing, and financing rooftop solar systems for housing societies and commercial establishments. TheKredible estimated the current valuation of SolarSquare to be $48 million, which is expected to rise in additional funding rounds.
The regulatory filing also revealed that the startup’s board passed a resolution to allot 7,589 series B compulsory convertible debentures at an issue price of Rs 46,710. In the next funding round, these debentures will be converted into preference shares, investors are predicting the valuation to be $75 million. The fresh fund will be used toward scaling up of company, fulfilling working capital requirements, and supporting the general corporate process. Every investor has eyes on this startup as the rooftop solar sector is expected to become one of the growing sectors in India by 2030.
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