SolarSquare raises Rs 1 billion in a funding round

SolarSquare, a B2C solar products startup has raised Rs 1 billion in Series A funding led by Elevation Capital and LowerCarbon, billionaire venture investor Chris Sacca’s climate-tech fund. The company stated that it intends to use the raised funds for expansion of its services across India over the period of next 18 to 24 months. It also plans to establish an in-house non-banking financial company to lend to residential solar buyers. 

SolarSquare is involved in the creation, installation, and financing of residential rooftop solar systems. The startup currently provides B2C services in six markets located at Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra. 

Recently in October 2022, Orb Energy announced that it has received a $20 million follow-on loan from the United States International Development Finance Corporation to support its in-house financing facility for rooftop and ground mounted solar customers in India.