SolarSquare to utilise Series A fundraise of Rs 100 crore to setup NBFC for solar products

Homegrown solar company SolarSquare recently raised Rs 100 crore in a Series A funding round led by Elevation Capital and Chris SACCA's multi-billion dollar climate-tech fund, Lowercarbon.

The round also saw participation from existing investors Good Capital, Rainmatter and angels like Vidit Atrey and Sanjeev Barnwal of Meesho.

The venture claims that in the last two years, SolarSquare has solarised close to 5,000 homes, helping owners save on average Rs 40,000 per year in electricity bills.

Speaking to CNBC-TV18, Shreya Mishra, Co-Founder of the company, said they will be utilising the Series A fundraise for setting up an NBFC as financing for solar installation is a bottleneck for many consumers.

“Not a lot of families are willing to invest Rs 1.5-2 lakh upfront on solar installation. Solar is cheaper, cleaner, it pays for itself but arranging that upfront capital sometimes is a bottleneck for many consumers. Hence one of the big allocation of this Rs 100 crore fundraise will be in launching our own NBFC because we believe financing is very core to our product,” Mishra said.

Also, Greg Moran, Co-Founder & CEO of Zoomcar, spoke about the company’s definitive agreement to merge with the Innovative International Acquisition Corporation. Under the agreement, Zoomcar will be listed on the Nasdaq with its name changed to Zoomcar Holdings. The official merger is set to be finalized by the second quarter of 2023. Zoomcar is one of the largest car-sharing marketplaces across emerging markets like India, Indonesia, Vietnam and Egypt.