Indian Startup Founded by IIT Graduates Generates Rs 200 Crore Revenue, Powers Homes with Zero Electricity

SolarSquare, a leading residential solar brand founded by IIT Bombay graduates Neeraj Jain and Shreya Mishra along with Pune University graduate Nikhil Nahar, is illuminating the homes of thousands across India. They've standardized solar panel installations in 16 cities across 8 states, educating consumers and making solar power a viable option.

From B2B to B2C: A Bold Pivot

In a surprising move in late 2020, Jain and Nahar decided to pivot their successful Rs 100 crore B2B solar company towards the residential (B2C) market. This shift, initially met with skepticism, proved to be a strategic masterstroke. To navigate this new landscape, they brought in Shreya Mishra, a fellow entrepreneur with B2C expertise.

Aligning Purpose with Profit

Neeraj, an engineer with banking experience, desired a more impactful career path. Shreya, having sold her fashion rental startup, shared his vision. "He wanted my expertise in building consumer businesses. That's how we started experimenting in the residential solar segment," Shreya recalls.

The Challenge of Scaling Up

The industrial solar market involved large, customized installations for corporations. Residential involved individual homeowners and societies, requiring a different approach. "We standardized everything and made prefabricated ready-to-install solar kits, which get installed in just six hours," explains Shreya. This innovation streamlined the process for B2C operations.

Success Breeds Success

Within three and a half years, SolarSquare has become a leading residential solar brand. They boast over 10,000 individual homeowners and 100+ residential societies as customers. Shreya attributes some of their success to serendipity, along with strategic fundraising of Rs 130 crore. They project a revenue of Rs 200 crore for the current financial year.

Dominating the Residential Market

While 20% of their business remains in the commercial and industrial sector, the residential segment now accounts for a dominant 80%. This strategic shift has effectively doubled their business size.

Meeting Growing Demand

Shreya highlights, "We work with individual homes and residential societies. RWAs buy solar power installations for common areas." Many high-rise apartments in major cities are now powered by SolarSquare.

Aligning with Government Initiatives

In January 2024, Prime Minister Modi announced a target of installing rooftop solar in one crore Indian households. SolarSquare's foresight in pivoting towards the residential market has positioned them perfectly to capitalize on this growing national trend.

Conclusion

SolarSquare's story is an inspiring example of a startup's ability to adapt and thrive. By leveraging innovation and a deep understanding of the B2C market, they've become a leader in India's residential solar revolution, making clean energy accessible to a wider audience.