SolarSquarean Indian rooftop startup that helps households and housing companies adopt solar power is in advanced talks to raise fresh capital after securing India’s largest solar investment in December 2024, according to TechCrunch.
B Capital and Lightspeed Venture Partners are set to lead the Series C round, which could value SolarSquare between $450 million and $500 million and bring in $55 million to $60 million in new investment, according to multiple people familiar with the matter. That would represent a more than doubling of SolarSquare’s valuation in about 18 months — a sign of how quickly investor confidence is building around India’s residential solar market.
Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B round at a valuation of around $200 million post-money in December 2024. This time, according to a source, it is investing through its growth fund, which has backed names like Razorpay — India’s leading digital payment platform — and Zeptory, India’s fast digital payment platform.
Existing investor Elevation Capital is also expected to participate in the deal, which is currently in an advanced stage and is expected to close next month. Terms are subject to change as funding has not yet been finalized. SolarSquare has raised $61.1 million in equity funding to date, for Tracxn startup data platform.
India has set a target of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country became the world’s third largest producer of solar energy in 2025, trailing only China and the U.S. Its cumulative installed solar capacity has increased from about 3 GW in 2014 in more than 150 GW in 2026aided in part by government incentives and subsidy programs aimed at accelerating the adoption of rooftop solar.
Founded in 2015, Mumbai-based SolarSquare is positioning itself as a complete home solar platform in a market that remains highly fragmented, dominated by small local installers and dealer networks linked to component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies and Exide. The startup designs, installs and maintains rooftop solar systems for homes, housing societies (the apartment complexes and gated communities common across urban India) and businesses and has installed more than 150 megawatts of solar power with a presence in 29 cities across nine states, according to its website.
SolarSquare has powered nearly 50,000 homes and about 400 housing associations, according to a source. The startup has also developed rooftop solar systems for large enterprises including Swiggy, Zepto and iD Fresh Food.
Residential customers and housing companies now represent the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly cut back on lower-margin industrial rooftop solar projects in recent years.
The startup has crossed an annual revenue figure of more than ₹10 billion (about $104 million) across all residential and housing companies combined, according to a source familiar with the matter. It also 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 requests for comment.
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