SolarSquare in talks to raise up to $60M as India's rooftop solar market draws major VC interest

SolarSquare, a prominent Indian startup specializing in rooftop solar solutions, is currently engaged in advanced discussions to secure additional funding following its significant achievement of attracting India's largest solar venture investment in December 2024, as reported by TechCrunch.

This Series C funding round, expected to be co-led by B Capital and Lightspeed Venture Partners, may value SolarSquare between $450 million and $500 million, with anticipated investments ranging from $55 million to $60 million, according to multiple insiders. This potential investment reflects more than a twofold increase in SolarSquare's valuation over approximately 18 months, highlighting the growing investor confidence in India's residential solar sector.

Previously, Lightspeed Venture Partners spearheaded SolarSquare's $40 million Series B funding round, which was completed at a post-money valuation of around $200 million in December 2024. For this upcoming round, sources indicate that Lightspeed will utilize its growth fund, which has previously invested in companies like Razorpay, India’s leading digital payments platform, and Zepto, a fast-delivery service.

Elevation Capital, an existing investor, is also anticipated to participate in this funding round, which is in its advanced stages and expected to conclude next month. The terms of the deal may still be subject to change, as the financing arrangements have not yet been finalized. To date, SolarSquare has raised a total of $61.1 million in equity financing, as per data from the startup tracking platform Tracxn.

India aims to reach a target of 500 gigawatts of renewable energy capacity by the year 2030, with solar power projected to constitute more than half of this amount. In 2025, India became the world’s third-largest solar power producer, following China and the United States. The cumulative installed solar capacity in India has experienced remarkable growth, increasing from approximately 3 GW in 2014 to over 150 GW in 2026, significantly supported by government incentives and subsidy programs designed to promote rooftop solar adoption.

Founded in 2015 and headquartered in Mumbai, SolarSquare is positioning itself as a comprehensive residential solar platform within a market that remains fragmented, largely dominated by small local installers and dealer networks associated with established component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The company specializes in the design, installation, and maintenance of rooftop solar systems for residential homes, housing societies—common residential communities in urban India—and commercial entities, having installed over 150 megawatts of solar capacity across 29 cities in nine states.

According to sources, SolarSquare has provided solar power solutions to nearly 50,000 households and approximately 400 housing societies. The company has also implemented rooftop solar installations for major enterprises, including Swiggy, Zepto, and iD Fresh Food.

Currently, residential clients and housing societies represent a significant portion of SolarSquare’s business, as the startup has progressively reduced its involvement in lower-margin industrial rooftop solar projects in favor of more profitable ventures.

The startup recently surpassed an annualized revenue run rate exceeding ₹10 billion (approximately $104 million) across its combined residential and housing society portfolios, with plans to expand its residential solar portfolio to 200 megawatts by the end of this year, as indicated by knowledgeable sources.