SolarSquare Company Research Report
Company Overview
Name and Mission
- Company Name: SolarSquare
- Mission: SolarSquare aims to accelerate the adoption of solar energy in India by making clean energy affordable and accessible. Their mission is to organize the solar generation industry by infusing transparency and trust.
Founding and Key People
- Founded: 2015
- Founders: Neeraj Jain, Shreya Mishra, Nikhil Nahar
- Key People:
- Neeraj Jain, Co-Founder
- Nikhil Nahar, Co-Founder
- Shreya Mishra, Co-Founder
- Anurag Bhide, AVP - New Product Development
- Anshuman Sharma, Vice President - Growth
- Apeksha Dhawan, Vice President - Product
- Pratik Sanghavi, Senior VP - Technology
Headquarters
- Location: 1st floor, Stanford Building, S.V. Road & Juhu Lane Junction, above Mahindra Showroom, Zalawad Nagar, Ganga Vihar, Andheri West, Mumbai, Maharashtra 400058
Number of Employees
- Employees: 400+
Revenue
- Revenue: Generating revenue at a run rate of $12 million per year.
What the Company is Known For
- SolarSquare is known for being a B2C rooftop solar solutions provider. They offer and install solar systems catering primarily to residential homes, housing societies, and commercial establishments across several states in India.
Products
Overview
SolarSquare provides comprehensive solar solutions including installation and maintenance of rooftop solar systems for homes, housing societies, and commercial entities.
Key Products and Features
- Homes:
- Comprehensive residential solar solutions that help reduce electricity bills by generating solar energy.
- Features include modular setup design and rapid installation, often completed in just hours.
- Housing Societies:
- Tailored solar solutions for large residential complexes aiming to provide sustainable energy.
- Commercial:
- Solutions designed for business establishments to ensure energy efficiency and cost savings on utility expenses.
- Technical Installations:
- The rooftop solar installations can range from small plants of 3 kilowatts to larger installations of 50 kilowatts depending on customer requirements.
Key Features of the Products
- Offers installation of solar panels within hours.
- Provides end-to-end service including design, installation, and after-sales support.
- Transparency and trust in the installation process, with a focus on high customer satisfaction.
Recent Developments
Funding and Investments
- Series A Funding: In November 2022, SolarSquare raised Rs 100 crore in a Series A funding round led by Elevation Capital and Lowercarbon. Participation also came from Good Capital, Rainmatter, and angel investors from Meesho.
New Products & Features
- Intelligent WindPro Mount™ 2.0: Launched to accommodate the increase in frequency and intensity of weather events due to climate change, ensuring durable and robust solar panel installations.
- Software Applications: Plans to launch two applications for monitoring solar electricity generation aimed at improving consumer experience and system monitoring for sales and installation partners.
Partnerships and Market Expansion
- SolarSquare plans to apply for an NBFC license to offer better financing options directly to customers.
- Plans to expand operations pan-India within 18-24 months, leveraging fresh funding for growth.
Recognition and Ambition
- SolarSquare has solarized nearly 5,000 homes in India, achieving significant savings for customers on electricity bills and mitigating carbon emissions.
- The company is also preparing to scale its operations recognizing the considerable market opportunity in Indian residential solar installations.
Commentary
- The company has made significant strides in reducing the complexity and time involved in installing rooftop solar solutions, making it an attractive option for middle-class homeowners in India seeking energy independence and cost savings.
