SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest
SolarSquare, an Indian rooftop solar startup, is seeking $55-$60 million in Series C funding led by B Capital and Lightspeed Venture Partners, signaling strong investor interest in India’s growing rooftop solar market.
SolarSquare is raising a significant round of funding, reflecting growing investor confidence in India’s rooftop solar market. The company’s recent success and the market’s expansion are driving this investment.
Imagine a lot of houses want to use sunshine instead of electricity from the power company. SolarSquare helps them do that by installing solar panels on their roofs. They also help big buildings like apartment complexes and restaurants do the same. This new money they’re getting will help them install even more panels and help even more people use sunshine. It’s like getting a bigger toolbox to build more solar power systems. They’ve already helped 50,000 homes and 400 apartment buildings, and they want to help even more people in India use clean energy.
Analysis
SolarSquare, a Mumbai-headquartered startup founded in 2015, is securing a $55-$60 million Series C round led by B Capital and Lightspeed Venture Partners. This represents a significant valuation increase – doubling from around $200 million in December 2024 – reflecting the growing investor confidence in India’s rooftop solar market. Existing investors Elevation Capital are also participating. The company designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises, boasting over 150 megawatts of installed capacity across 29 cities in nine states. According to a source, SolarSquare has powered nearly 50,000 homes and around 400 housing societies, and has also deployed systems for companies like Swiggy, Zepto, and iD Fresh Food. The startup’s focus has shifted towards residential and housing society customers, reducing its involvement in lower-margin industrial solar projects. Annualized revenue has surpassed ₹10 billion (approximately $104 million) and the company aims to reach 200 megawatts in its residential solar portfolio this year. The move comes as India sets a target of 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half. The country’s cumulative installed solar capacity has surged from 3 GW in 2014 to over 150 GW in 2026, driven by government incentives and subsidy schemes. The market is fragmented, dominated by local installers and component manufacturers, but SolarSquare is positioning itself as a full-stack platform. According to a source, residential and housing societies now account for the majority of SolarSquare’s business.
Key points
- SolarSquare is raising $55-$60 million in Series C funding.
- B Capital and Lightspeed Venture Partners are co-leading the round.
- India’s rooftop solar market is attracting major VC interest.
- SolarSquare has installed over 150 MW of solar capacity across 29 cities.
- The company focuses on residential and housing society solar installations.
