Rooftop solar startup SolarSquare Energy has raised $53 million in a funding round led by B Capital. The fundraising comes as investors ramp up bets on India s residential solar market.Existing investors Lightspeed Venture Partners, Elevation Capital, Lowercar
Rooftop solar startup SolarSquare Energy has raised $53 million in a funding round led by B Capital. The fundraising comes as investors ramp up bets on India’s residential solar market.Existing investors Lightspeed Venture Partners, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital also participated in the round, SolarSquare Energy said in a statement. With this, the total capital raised by the Mumbai-based startup has crossed $100 million.ET first reported on June 12 that SolarSquare Energy has raised $50-55 million, valuing the company at $450-500 million, a jump of almost 2.5 times from its last valuation.The startup plans to deploy the fresh capital towards expansion into new cities, double down on technology capabilities, and expand its team.Commenting on the investment, Karan Mohla, general partner, B Capital, said, “India's drive toward energy independence is a once-in-a-generation tailwind, and we believe SolarSquare is best positioned to become the national brand symbolic of that transition.”SolarSquare was founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar. The company is currently clocking an annualised revenue run rate of over 1,000 crore, while powering about 50,000 homes across the country, the statement read.