Indian Rooftop Solar Startup SolarSquare in Talks to Raise Fresh Capital
SolarSquare, an Indian rooftop solar startup focused on helping households and housing societies adopt solar power, is currently in advanced discussions to secure new funding, as reported by JS. The company recently received India’s largest solar venture investment in December 2024 and is now looking to raise additional capital to support its growth.
B Capital and Lightspeed Venture Partners are expected to co-lead the Series C funding round, which could potentially value SolarSquare between $450 million and $500 million. This investment round aims to bring in $55 million to $60 million in new funds, showcasing the increasing investor confidence in India’s residential solar market.
Previously, Lightspeed Venture Partners led SolarSquare’s $40 million Series B round, valuing the company at around $200 million post-money in December 2024. This time, the investment is expected to come from Lightspeed’s growth fund, which has previously supported successful ventures like Razorpay and Zepto.
Existing investor Elevation Capital is also likely to participate in the upcoming funding round, which is currently in advanced stages and anticipated to close in the following month. SolarSquare has raised a total of $61.1 million in equity financing so far, according to data from the startup platform Tracxn.
India’s Growing Renewable Energy Market
India has set ambitious goals for renewable energy, aiming to achieve 500 gigawatts of capacity by 2030, with a significant portion expected to come from solar energy. The country has emerged as the world’s third-largest solar power producer, trailing only China and the U.S. Its installed solar capacity has increased from around 3 GW in 2014 to over 150 GW in 2026, driven by government incentives and subsidies to promote rooftop solar adoption.
SolarSquare’s Position in the Market
Established in 2015 and headquartered in Mumbai, SolarSquare positions itself as a comprehensive residential solar platform in a market characterized by fragmentation and local installers. The company specializes in designing, installing, and maintaining rooftop solar systems for homes, housing societies, and enterprises. With a presence in 29 cities across nine states, SolarSquare has installed over 150 megawatts of solar capacity.
The company has powered approximately 50,000 homes and 400 housing societies, including notable clients like Swiggy, Zepto, and iD Fresh Food. SolarSquare has shifted its focus towards residential customers and housing societies, scaling back on industrial rooftop solar projects to enhance profitability.
Financial Performance and Future Goals
SolarSquare has achieved an annualized revenue run rate exceeding ₹10 billion (approximately $104 million) from its residential solar projects. The company aims to expand its residential solar portfolio to 200 megawatts this year, demonstrating its commitment to sustainable growth and environmental impact.
While SolarSquare declined to comment on the ongoing funding discussions, key investors like B Capital, Lightspeed Venture Partners, and Elevation Capital have not provided any official statements at this time.
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