Mumbai-based rooftop solar company SolarSquare has acquired PV Diagnostics, a company with expertise in the utility-scale solar power sector, to significantly enhance the quality and efficiency of its residential solar installations throughout India.
PV Diagnostics is a consultancy solutions provider in the solar industry, offering a range of services across the photovoltaic value chain. The company boasts an industry experience of 8 GW, having collaborated with leading renewable energy developers such as Tata Power, Adani, and Renew Power.
The integration of PV Diagnostics’ utility-scale proficiency with SolarSquare’s residential rooftop solar solutions is expected to establish new benchmarks in terms of quality and performance for home solar installations.
The company will leverage PV Diagonostics’ expertise in best quality module sourcing, diagnostics, and technology stack to deploy good quality and long-lasting residential solar installations.
The financial details of the transaction were not disclosed.
PV Diagnostics will maintain its commitment to the utility-scale solar market, ensuring the continuity of its existing services post-acquisition.
The company’s founders, including solar industry veteran Prakash Suratkar, Pranav Maheshwari, Atul Kumar Jain, and Ayush Mahajan, all alums of IIT Bombay, are expected to bring expertise to the table. Their collective experience extends to advising multiple private equities in significant solar portfolio acquisitions across the country.
Prakash Suratkar, CEO of PV Diagnostics, said: “Joining forces with SolarSquare is not just a strategic decision but also a move inspired by the quality mindset of SolarSquare’s founders. Their dedication to excellence and consumer-centric approach resonated deeply with us at PVD. This inspiration has been a driving force in our decision to unite with SolarSquare, and we are excited to bring our utility-scale expertise to the residential solar market.”
SolarSquare said the acquisition aligns with its commitment to innovation and sustainability, further solidifying its position as a leader in India’s solar energy sector.
Shreya Mishra, CEO of SolarSquare, expressed her vision for the collaboration: “The acquisition of PV Diagnostics is a pivotal move towards our goal of building top-tier, consumer-centric solar solutions. PVD’s experience in ensuring the highest quality standards in large-scale solar projects will be very useful in elevating our residential offerings. Together, we aim to redefine the solar landscape in India.”
In November, SolarSquare raised ₹1 billion ($12.8 million) as part of its series A funding round led by Elevation Capital and U.S.-based climate-focused fund Lowercarbon Capital.
The fundraise came short of four months after the start-up raised $4 million in a seed funding round led by Good Capital.