SolarSquare, a Rs 100 crore firm founded by entrepreneurs Neeraj Jain and Nikhil Nahar, shifted its focus from installing solar power systems for major corporations to the home solar market.
Additionally, entrepreneur and IIT-Bombay alumnus Shreya Mishra joined SolarSquare to assist with the turnaround by contributing her experience in the consumer industry.
SolarSquare Focuses on Home Solar Market
The enormous financial possibility in the household solar market had a role in the decision to change course.
Transitioning from the business and industrial segment to servicing individual residences presented hurdles for SolarSquare.
Extreme weather and rising electricity prices have raised demand for alternate energy sources like rooftop solar power systems.
Residential solar installations are now standardized thanks to SolarSquare, which produces prefabricated, easily assembled solar systems that can be installed in six hours or less.
With over 10,000 individual homes and 100 residential societies under its service, the company has emerged as one of India’s top residential solar brands.
SolarSquare Raised Rs. 130 Crore in Funding
Operating in sixteen cities throughout eight states, SolarSquare has raised approximately Rs 130 crore in funding. For the current fiscal year, the company is projected to bring in revenues of about Rs 200 crore.
Residential installations account for 80% of SolarSquare’s business, with the remaining 20% coming from the commercial and industrial sector. Residential societies and individual residences are included in the residential category. Common area installations such as water pumps, elevators, and street lighting are also included.
SolarSquare’s scalability and profitability can be attributed to its standardized approach to home installations.
The significance of standardization in scaling operations for the home solar market is emphasized by Shreya Mishra.
The rise of SolarSquare in the home market is indicative of the growing number of Indian households opting for solar power solutions. Due to its concentration on residential installations, the company has grown in size.
Residential societies are a big market for SolarSquare, especially in places like Bengaluru, Pune, and Mumbai. The company’s accomplishments show how well it works to shift focus to new market prospects.
