SolarSquare is in talks to raise up to $60M as India’s rooftop solar market draws strong venture capital interest

SolarSquare, an Indian rooftop solar startup that helps households and housing societies go solar, is in advanced talks to raise fresh capital after securing India’s largest solar investment in December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are set to co-lead the 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. That would represent a more than doubling of SolarSquare’s valuation in roughly 18 months — a sign of how quickly investor sentiment 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 payments platform — and Zepto, the express delivery startup.

Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and expected to close next month. Terms are still subject to change as funding is not yet finalized. SolarSquare has raised $61.1 million in equity funding to date, according to startup data platform Tracxn.

India has set a target of 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country has become the world’s third-largest producer of solar energy in 2025, after China and the United States. Its cumulative installed solar capacity has risen from about 3 GW in 2014 to more than 150 GW in 2026, helped in part by government incentives and subsidy schemes aimed at accelerating the adoption of rooftop solar.

Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a complete residential 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 Industries. The startup designs, installs and maintains rooftop solar systems for homes, condominiums (apartment complexes and gated communities common in urban India) and businesses and has installed more than 150 megawatts of solar capacity with a presence in 29 cities across nine states, according to its website.

SolarSquare has powered nearly 50,000 homes and about 400 housing cooperatives, according to a source. The startup has also deployed rooftop solar systems to large enterprises, including Swiggy, Zepto and iD Fresh Food.

Residential customers and building societies now account for the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly scaled back lower-margin industrial solar rooftop projects in recent years.

According to a source familiar with the matter, the startup has exceeded an annual revenue rate of more than 10 billion Indian rupees (about $104 million) in homes and housing societies. 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.