SolarSquare Advances Fundraising Amid Booming Indian Residential Solar Market
SolarSquare, a Mumbai-based rooftop solar startup focused on enabling households and housing societies to transition to solar energy, is in advanced discussions to raise fresh capital. This follows its landmark $40 million Series B funding round in December 2024, which was India’s largest solar venture investment at the time, according to TechCrunch.
The upcoming Series C round is set to be co-led by B Capital and Lightspeed Venture Partners, potentially bringing in $55 million to $60 million and valuing SolarSquare between $450 million and $500 million. This would more than double the company’s valuation within approximately 18 months, underscoring increasing investor confidence in India’s residential solar sector.
Backing from Leading Venture Funds Signals Strong Market Potential
Lightspeed Venture Partners, which led the previous $40 million Series B round valuing SolarSquare at around $200 million post-money, is expected to participate via its growth fund. This fund has supported prominent Indian startups such as Razorpay, a leading digital payments platform, and Zepto, known for rapid grocery delivery. Existing investor Elevation Capital is also anticipated to join in the latest financing round.
While the deal is in advanced stages and expected to close next month, terms may still evolve. To date, SolarSquare has raised approximately $61.1 million in equity financing, according to data from Tracxn.
India’s Expanding Solar Ambitions and Market Context
India aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar power expected to contribute over half of this target. In 2025, India became the world’s third-largest solar power producer after China and the United States. The country’s cumulative installed solar capacity has soared from roughly 3 gigawatts in 2014 to more than 150 gigawatts in 2026, a growth driven significantly by government incentives and subsidy schemes promoting rooftop solar adoption.
SolarSquare’s Full-Stack Approach in a Fragmented Market
Founded in 2015, SolarSquare has positioned itself as a full-stack residential solar platform operating across 29 cities in nine Indian states. The company provides end-to-end solutions—including design, installation, and maintenance—for rooftop solar systems tailored to homes, housing societies (common urban apartment complexes and gated communities), and enterprises.
Unlike a market dominated by small local installers and dealer networks linked to component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries, SolarSquare offers a cohesive service model. The startup has installed more than 150 megawatts of solar capacity, powering nearly 50,000 homes and around 400 housing societies. It has also deployed systems for large enterprises like Swiggy, Zepto, and iD Fresh Food.
Shifting Focus to Residential and Housing Society Segments
Residential customers and housing societies now constitute the majority of SolarSquare’s business. The company has strategically scaled back on lower-margin industrial rooftop solar projects in recent years to focus on these higher-growth segments.
SolarSquare has surpassed an annualized revenue run rate exceeding ₹10 billion (approximately $104 million), combining its revenues from homes and housing societies. The startup aims to expand its residential solar portfolio to 200 megawatts within this year.
SolarSquare declined to comment on the ongoing funding discussions. Representatives from B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.
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