The round also saw the participation of existing investors Good Capital, Rainmatter, and angels like Vidit Atrey and Sanjeev Barnwal (Meesho).
The startup will deploy these investments to take its services to pan India in the next 18-24 months. It also plans to establish an internal non-banking financial business (NBFC) to provide loans to solar buyers.
The startup installs rooftop solar for homes, housing societies, and commercial buildings. They currently provide B2C services in six cities: Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra. Over the past two years, they have installed solar devices in roughly 5,000 houses.
A regulatory filing with the Registrar of Companies (RoC) reveals that the board of directors at SolarSquare approved a special resolution to issue 3 equity and 15,926 preference shares at an issue price of Rs 46,710 per share to raise Rs 74.40 crore or $9 million.
Also, SolarSquare competes with Cleantech, My sun, Oorjan, and Freyr Energy.