SolarSquare, an innovative Indian startup focused on rooftop solar solutions for households and housing societies, is in advanced discussions to secure new funding. This follows the company's significant achievement of attracting India's largest solar venture investment in December 2024, as reported by TechCrunch.
The Series C funding round, led by B Capital and Lightspeed Venture Partners, is projected to raise between $55 million and $60 million, potentially valuing SolarSquare at approximately $450 million to $500 million. This would mark a remarkable increase in the company's valuation, more than doubling in just 18 months, reflecting the growing investor confidence in India's residential solar landscape.
Previously, Lightspeed Venture Partners spearheaded SolarSquare's $40 million Series B funding round, which valued the company at around $200 million. This latest investment comes through their growth fund, which has previously supported notable names like Razorpay and Zepto.
Existing investor Elevation Capital is also expected to join this funding round, which is nearing completion and anticipated to finalize next month. While the terms are still subject to change, SolarSquare has successfully raised a total of $61.1 million in equity financing to date, according to startup data platform Tracxn.
India aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar energy projected to contribute significantly to this goal. The nation has emerged as the world's third-largest solar power producer, trailing only China and the United States. Its installed solar capacity has skyrocketed from approximately 3 GW in 2014 to over 150 GW in 2026, bolstered by government incentives and subsidy schemes that promote rooftop solar adoption.
Founded in 2015 and headquartered in Mumbai, SolarSquare positions itself as a comprehensive residential solar platform within a fragmented market, which is largely dominated by smaller local installers and dealer networks associated with major manufacturers such as Tata Power and Waaree Energies. The startup specializes in designing, installing, and maintaining rooftop solar systems for homes, housing societies, and enterprises, having successfully installed over 150 megawatts of solar capacity across 29 cities in nine states.
With nearly 50,000 homes and around 400 housing societies powered by its solutions, SolarSquare has also provided rooftop solar systems for large enterprises like Swiggy and iD Fresh Food. Currently, residential customers and housing societies represent the majority of SolarSquare's business as the company shifts focus away from lower-margin industrial projects.
According to internal sources, SolarSquare's annualized revenue run rate has surpassed ₹10 billion (approximately $104 million) across its residential sector, with ambitions to reach 200 megawatts in its portfolio this year.
As the demand for sustainable energy solutions continues to rise, SolarSquare's growth trajectory indicates a promising future for the rooftop solar market in India, potentially reshaping energy consumption patterns nationwide.
