SolarSquare Securing $60M Funding as India’s Rooftop Solar Sector Attracts Prominent Venture Capital

SolarSquare: Revolutionizing India’s Rooftop Solar Market

SolarSquare, an innovative Indian rooftop solar startup dedicated to helping households and housing societies embrace solar power, is currently in advanced discussions to secure fresh capital following its landmark solar venture investment in December 2024, as reported by TechCrunch.

The upcoming Series C round is poised to be co-led by B Capital and Lightspeed Venture Partners, potentially valuing SolarSquare between $450 million and $500 million. This round could bring in $55 million to $60 million in new investments, reflecting a significant increase in SolarSquare’s valuation over the past 18 months and underscoring the growing investor confidence in India’s residential solar market.

Lightspeed Venture Partners, a key player in SolarSquare’s growth journey, had previously led the startup’s $40 million Series B round, propelling SolarSquare to a post-money valuation of approximately $200 million in December 2024. This time around, the investment is expected to come from Lightspeed’s growth fund, known for its support of industry leaders like Razorpay and Zepto.

Alongside Lightspeed Venture Partners, existing investor Elevation Capital is anticipated to join the upcoming funding round, which is currently in its final stages and scheduled to close next month. While the specifics of the deal are subject to change until the financing is officially sealed, SolarSquare has already amassed $61.1 million in equity financing, according to data from the startup platform Tracxn.

India’s Solar Revolution: A Glimpse into SolarSquare’s Impact

India’s ambitious goal of achieving 500 gigawatts of renewable energy capacity by 2030 places solar power at the forefront, with expectations that solar energy will contribute more than half of the total capacity. As of 2025, India stands as the world’s third-largest solar power producer, trailing only China and the U.S. The country’s cumulative installed solar capacity has surged from 3 GW in 2014 to over 150 GW in 2026, driven in part by government incentives and subsidy programs aimed at accelerating rooftop solar adoption.

Founded in Mumbai in 2015, SolarSquare has established itself as a comprehensive residential solar platform in a market characterized by fragmentation and dominated by local installers and dealer networks tied to major manufacturers like Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup specializes in designing, installing, and maintaining rooftop solar systems for homes, housing societies, and enterprises, having installed over 150 megawatts of solar capacity across 29 cities in nine states.

With a strong presence in the market, SolarSquare has powered nearly 50,000 homes and approximately 400 housing societies, in addition to deploying rooftop solar systems for prominent enterprises such as Swiggy, Zepto, and iD Fresh Food.

Embracing a strategic shift towards residential customers and housing societies, SolarSquare has witnessed significant growth, surpassing an annual revenue run rate exceeding ₹10 billion (approximately $104 million) across homes and housing societies combined. The startup aims to further expand its residential solar portfolio to 200 megawatts this year, signaling its commitment to sustainable energy solutions.

Looking Ahead

As SolarSquare continues to make waves in the rooftop solar market, driving innovation and sustainability, the startup remains focused on its mission to empower households and communities with clean energy solutions. With key investors onboard and a solid track record of success, SolarSquare is poised for further growth and impact in India’s evolving solar landscape.

While SolarSquare declined to provide a comment on the ongoing developments, both B Capital, Lightspeed Venture Partners, and Elevation Capital were unavailable for immediate response to requests for comment.

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