SolarSquare Engages in Talks to Raise Up to $60M as VC Interest Surges in India’s Rooftop Solar Market

SolarSquare, an Indian startup specializing in rooftop solar solutions, is reportedly in advanced talks to secure new funding after its significant investment in December 2024, as reported by TechCrunch.

B Capital and Lightspeed Venture Partners are anticipated to co-lead the Series C funding round, which could value SolarSquare at between $450 million and $500 million while injecting $55 million to $60 million in fresh capital, sources indicate. This would more than double SolarSquare’s valuation in roughly 18 months, showcasing the growing investor confidence in India’s residential solar market.

In its previous funding round, Lightspeed Venture Partners led SolarSquare’s $40 million Series B round at a post-money valuation of about $200 million in December 2024. This round is reportedly backed by its growth fund, which has previously invested in notable companies like Razorpay — a leading digital payments platform in India — and Zepto, known for its rapid delivery services.

Elevation Capital, a current investor, is also expected to participate in the discussions, which are in advanced stages and likely to wrap up next month. The specifics of the deal may still change as the financing details have yet to be confirmed. To date, SolarSquare has raised $61.1 million in equity financing, according to data from startup platform Tracxn.

India aims to reach a renewable energy capacity of 500 gigawatts by 2030, with solar expected to contribute more than half of that target. In 2025, the country became the third-largest solar power producer worldwide, following China and the U.S. Its total installed solar capacity surged from approximately 3 GW in 2014 to over 150 GW in 2026, primarily driven by government incentives and subsidies to encourage rooftop solar adoption.

Founded in 2015 and based in Mumbai, SolarSquare is positioning itself as a holistic residential solar platform in a highly fragmented market, which includes many small local installers and dealer networks associated with manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup designs, installs, and maintains rooftop solar systems for residential homes, housing societies (including apartment complexes and gated communities common in urban India), and businesses, having installed over 150 megawatts of solar capacity across 29 cities in nine states, according to its website.

Sources reveal that SolarSquare has energized nearly 50,000 homes and around 400 housing societies. The startup has also installed rooftop solar systems for major corporations like Swiggy, Zepto, and iD Fresh Food.

Residential clients and housing societies now constitute the majority of SolarSquare’s operations, as the company has been progressively reducing its focus on less profitable industrial rooftop projects in recent years.

The startup has achieved an annualized revenue run rate exceeding ₹10 billion (approximately $104 million) from combined residential and housing society projects, according to a knowledgeable insider. Additionally, it aims to reach 200 megawatts in its residential solar portfolio this year, the source added.

SolarSquare declined to comment. B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to inquiries for comments.