SolarSquare in talks to raise up to $60M as India’s rooftop solar market attracts major VC interest
SolarSquare, an Indian rooftop solar startup that helps homes and housing societies adopt solar power, is in advanced talks to raise fresh capital after securing India’s largest solar venture investment in December 2024, TechCrunch has learned.
B Capital and Lightspeed Venture Partners are set to co-lead a Series C round, which could value SolarSquare at 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.
This would represent more than a doubling of SolarSquare’s valuation in approximately 18 months – a sign of how quickly investor confidence is growing in India’s residential solar market.
Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B round in December 2024 at a post-money valuation of approximately $200 million.
This time, according to a source, it is investing through its growth fund, which has backed names like Razorpay – India’s leading digital payments platform – and Zepto, the fast-delivery startup.
Existing investor Elevation Capital is also expected to participate in the deal, which is currently in the advanced stage and is expected to close next month. Terms are still subject to change as financing has not yet been finalised. SolarSquare has raised $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, of which solar energy is expected to contribute more than half.
The country is set to become the world’s third largest solar power producer in 2025, trailing only China and the US in cumulative installed solar capacity. increased by about 3 GW in 2014 More than 150 GW in 2026 Partly aided by government incentive and subsidy schemes aimed at accelerating the adoption of rooftop solar energy.
Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a full-stack residential solar platform in a market that is highly fragmented, dominated by small local installers and dealer networks linked to component manufacturers such as Tata Power, Vaari Energies, Luminous Power Technologies and Exide Industries.
The startup designs, installs, and maintains rooftop solar systems for homes, housing societies (common apartment complexes and gated communities in urban India), and enterprises, and, according to its website, has over 150 MW of installed solar capacity and a presence in 29 cities across nine states.
According to a source, SolarSquare has provided electricity to around 50,000 homes and around 400 housing societies. The startup has also deployed rooftop solar systems for large enterprises, including Swiggy, Zepto and ID Fresh Food.
Residential customers and housing societies now account for the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly turned to low-margin industrial rooftop solar projects recently.
According to a source familiar with the matter, the startup has crossed an annual revenue run rate of more than ₹10 billion (about $104 million) in homes and housing societies combined. It also aims to reach 200 MW in its residential solar portfolio this year, the source said.
SolarSquare declined to comment. B Capital, Lightspeed Venture Partners and Elevation Capital did not respond to requests for comment.
