SolarSquare, a rooftop solar startup based in India, is reportedly in advanced discussions to secure additional funding. This follows the company’s achievement of India’s largest solar venture investment in December 2024, according to JS.
B Capital and Lightspeed Venture Partners are expected to co-lead the Series C funding round, potentially valuing SolarSquare between $450 million and $500 million. This round could bring in new investments ranging from $55 million to $60 million, as indicated by multiple sources. Such an investment would more than double SolarSquare’s valuation over approximately 18 months, highlighting growing investor interest in India’s residential solar sector.
Lightspeed Venture Partners, which previously led SolarSquare’s $40 million Series B funding round at a $200 million post-money valuation in December 2024, is participating again through its growth fund. This fund has previously supported companies like Razorpay, a leading digital payments platform in India, and Zepto, a fast-delivery startup.
Existing investor Elevation Capital is also expected to join this funding round, which is in advanced stages and anticipated to close next month. The final terms are still subject to change as the financing has not been concluded. To date, SolarSquare has raised $61.1 million in equity financing, according to the startup data platform Tracxn.
India aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar energy expected to contribute more than half of this target. By 2025, India became the third-largest solar power producer globally, following China and the U.S. The country’s installed solar capacity surged from about 3 GW in 2014 to over 150 GW in 2026, supported by government incentives and subsidies designed to boost rooftop solar adoption.
SolarSquare, headquartered in Mumbai and founded in 2015, is establishing itself as a comprehensive residential solar platform in a fragmented market dominated by small local installers and dealer networks linked to component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The company designs, installs, and maintains rooftop solar systems for homes, housing societies, and businesses, boasting installations of over 150 megawatts of solar capacity across 29 cities in nine states, according to its website.
The company has powered nearly 50,000 homes and around 400 housing societies, as reported by a source. It has also installed rooftop solar systems for major enterprises, including Swiggy, Zepto, and iD Fresh Food.
Residential customers and housing societies now comprise the majority of SolarSquare’s business, as the company has reduced its focus on lower-margin industrial rooftop solar projects over recent years, according to individuals familiar with its operations.
SolarSquare has surpassed an annualized revenue run rate of over ₹10 billion (approximately $104 million) from homes and housing societies combined, a source familiar with the situation revealed. The company also plans to achieve 200 megawatts in its residential solar portfolio this year, the source added.
SolarSquare declined to comment, and B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.
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