This interview originally appeared in the DealStreetAsia DATA VANTAGE report Female Founders in India 2024.
Startups often fail not because of external business challenges, but because of misalignment between co-founders. “Selecting the right co-founder is as vital as choosing a life partner. They should bring complementary skills to the table and, above all, share core values,” according to Shreya Mishra, Co-Founder & CEO of rooftop solar startup SolarSquare.
“Ultimately, everything else can be figured out. Even business ideas evolve through pivots, but with the right mental makeup and the right co-founder, success becomes far more achievable,” Mishra said in an interview for DealStreetAsia’s latest report titled Female Founders in India 2024.
Mishra says she has not encountered any gender-specific biases in investor expectations. “I have always felt fairly treated by both the investor and client ecosystems and have had access to a larger platform with more supporters. Even in male-dominated spaces like consulting at BCG and now entrepreneurship, I’ve always felt that the world has been kind to me as a woman.”
However, she acknowledged the fact that there is still disproportionately low representation of women entrepreneurs in the funding ecosystem in India.
Founded in 2015 by Neeraj Jain, Shreya Mishra, and Nikhil Nahar, SolarSquare is a full-stack residential solar brand. It raised $40 million in its Series B funding round led by venture capital firm Lightspeed in Dec 2024.
Edited excerpts:-
What inspired you to start your own business, and how did you identify the gap in the market?
I am a second-time entrepreneur. My first venture was a fashion tech startup, which I exited in 2019. In 2020, while exploring new opportunities, I joined my husband’s company SolarSquare. At the time, it was a B2B solar rooftop company, but I initiated the shift to B2C. We recognised a gap—there was no professionally-organised company offering solar solutions for homes. Given that solar is the third-largest investment for middle-class families—after home and education—the fragmented, unorganised market was a major barrier to adoption. Seeing this, we decided to pivot to residential solar.
What were some of the biggest challenges you faced as a woman entrepreneur when starting your own business?
I have always believed that being a woman entrepreneur is a privilege. While men are rarely asked about their challenges, women have more forums for discussion, mentorship, and recognition.
I have always believed that being a woman entrepreneur is a privilege.
I have always felt fairly treated by both the investor and client ecosystems and have had access to a larger platform with more supporters. That said, the energy sector remains male-dominated, especially in rooftop solar, where field operations and sales are primarily handled by males due to the nature of the work.
One of my key learnings has been finding ways to improve gender diversity within the company. However, given the field-oriented nature of the business, a predominantly male workforce is inevitable. At times, I struggle to relate to those on the ground level, but I am continuously working on bridging that gap.
How did you go about securing funds for your venture? What were the major challenges in raising capital?
Over the past four years, we have scaled SolarSquare into India’s leading residential solar brand, raising $50 million in funding from both Indian and international investors including Lightspeed, Elevation Capital, Lowercarbon Capital and Rainmatter.
“My fundraising experience was no different from that of any male entrepreneur.”
As a second-time founder—having previously built a venture-funded company backed by Sequoia Capital (now Peak XV)—I had existing connections within the startup and investment ecosystem. This network gave me a headstart when raising funds for SolarSquare. I have been treated fairly as a woman entrepreneur, and my fundraising experience was no different from that of any male entrepreneur.
Do you think having male co-founders made a difference in your fundraising journey?
At SolarSquare, we are a team of three founders—two men and myself. Given that we operate in the energy sector—a hard, nuts-and-bolts business—my co-founders lead field-heavy operations, while I head sales and manage a large team. One co-founder oversees operations and finance, while the other leads product and technology. We are a gender-diverse team, and I firmly believe that diversity brings valuable perspectives.
My strengths lie in consumer empathy, brand-building, and storytelling, while my co-founders, with nine years of experience at SolarSquare, contribute deep expertise in the supply chain, operations, and solar engineering. Despite our distinct roles, we share the heavy lifting equally. When it comes to fundraising, I have always found it to be a level playing field.
In the current environment, when fundraising is difficult for most startups, could female founders find it tougher to raise capital?
Great companies are built in both good and bad times. Tough environments often forge the strongest businesses because founders are forced to be more resourceful as investors scrutinise more rigorously. Ultimately, better decisions lead to stronger outcomes. Historically, some of the most successful companies have emerged during challenging times when capital was scarce. While funding has been limited over the past year and a half, investor activity in 2025 is rebounding significantly.
“I believe the investment landscape is meritocratic.”
That said, I believe the investment landscape is meritocratic. Whether male or female, founders will face the same challenges or opportunities based on the strength of their business and leadership, not their gender.
To what extent has the funding winter impacted your company’s expansion and fundraising plans?
So, 2024 saw a very muted sentiment in the venture capital market. Good companies continue to get funded in good and bad markets. However, the scrutiny and due diligence is much higher in tougher and more challenging markets. And that’s what happened to us as well in 2024, when we raised our Series B round of $40 million in Dec 2024. As long as the business health metrics are good, I strongly believe that the funding environment doesn’t matter. There is always demand for good companies.
Have you ever experienced any gender-based biases in your journey as an entrepreneur? How did you address or deal with them?
Not at all. I grew up in a family with two daughters and no sons, where we were encouraged to pursue every opportunity—education, sports, and careers—without limitations. At IIT Bombay, where I studied mechanical engineering, my batch had only two women among 100 students in my department and 30 among 600 in my year. Even in male-dominated spaces like consulting at BCG and now entrepreneurship, I’ve always felt that the world has been kind to me as a woman. However, I acknowledge that not all women share this experience. Many have faced biases in the workplace and their entrepreneurial journeys. My belief has always been to let my work speak for itself.
What were some key mistakes or learning moments you encountered in the initial years?
Entrepreneurship is humbling—filled with rejection, failures, and lessons. Two major learnings stand out: First, always remain objective about your business. Entrepreneurs tend to be overly optimistic, pushing forward despite challenges. There is a fine line between optimism and delusion. As a first-time founder, I clung to my vision, hoping things would work out instead of actively listening to customers and pivoting when needed. Balancing optimism with critical objectivity is essential. Second, team-building is everything. A startup’s trajectory is shaped by its first hires. My biggest takeaway is to hire people who align with your mission—not just for salary or perks.
How do you strike a balance between your personal life and the demands of being a founder?
Balancing entrepreneurship and personal life is an ongoing challenge. Startups require full commitment, but I constantly remind myself that this journey is a marathon, not a sprint. Avoiding burnout is crucial. Having a strong support system has been invaluable. My family, including my parents and in-laws, has played a key role in raising our daughter. My husband and co-founder, Neeraj, and I go through the same entrepreneurial highs and lows, making family support even more critical. Additionally, having a network of fellow female entrepreneurs provides guidance and reassurance.
How do you envision your company evolving over the next 5-10 years?
We started in a market where less than 0.5% of homes had solar. Today, adoption has reached 1%, and within two years, it is expected to hit 3-4%. Having built a strong operational foundation, we are well-positioned to ride this growth wave. We plan to expand from 20 cities to over 50 across India. Beyond solar, we aim to become India’s leading home energy brand. We will expand into batteries, home energy monitoring, and EV chargers—offering a complete suite of energy solutions for future Indian homes.
What would be your key piece of advice for women who want to start their businesses in India today?
My key advice to aspiring entrepreneurs is to focus on two crucial factors that can make or break their journey. First, mental makeup—entrepreneurship demands patience, resilience, and an acceptance of delayed gratification. It’s not about instant rewards but about staying committed through challenges. Second, the right co-founder—choosing a co-founder is as critical as choosing a life partner. They should have complementary skills and, most importantly, a shared value system.
