SolarSquare Energy, based in Mumbai, announced on Thursday that it has raised Rs 100 crore (approximately $12 million) in Series A funding led by Elevation Capital and Chris Sacca’s Lowercarbon Capital.
Existing investors such as Good Capital and Rainmatter joined the round, as did angels Vidit Atrey and Sanjeev Barnwal (Meesho).
The startup intends to use the new funds to expand its presence across India over the next 18-24 months.
SolarSquare was founded in 2015 by Neeraj Jain and Nikhil Nahar as a business-to-business (B2B) solar company, bootstrapping the company to a Rs 100 crore annual topline in five years.
Currently SolarSquare has presence across Madhya Pradesh, Hyderabad, Maharashtra, Bengaluru, Telangana and Delhi-NCR. In June, SolarSquare had secured seed funding of $4 million led by Good Capital. Lowercarbon Capital, Symphony Asia and Nithin Kamath’s Rainmatter also participated in the round.
Categories: Startups & SMBs
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