According to TechCrunch, citing sources familiar with the matter, Indian rooftop solar company SolarSquare is nearing the completion of a new funding round. The round is expected to raise between $55 million and $60 million, with a valuation of approximately $450 million to $500 million—significantly higher than its valuation following its last funding round at the end of 2024.
This round of funding is nearly finalized.
Reports indicate that B Capital and Lightspeed Venture Partners are set to co-lead SolarSquare’s Series C funding round, with existing investor Elevation Capital also expected to participate. The transaction is in its final stages and could be completed as early as next month, though terms have not yet been finalized.
Lightspeed led SolarSquare's $40 million Series B financing in December 2024, when the company had a post-money valuation of approximately $200 million. If this round is completed at the latest valuation range, SolarSquare’s valuation will more than double within 18 months.
Bet on India's residential solar market
This funding round reflects growing capital interest in India’s residential solar market. India has set a target of 500 GW of renewable energy capacity by 2030, with solar expected to account for more than half.
Public data shows that India's cumulative solar capacity has increased from approximately 3 GW in 2014 to over 150 GW by 2026. Government subsidies and incentives are also driving the adoption of rooftop solar.
SolarSquare shifts its focus to residential markets.
Headquartered in Mumbai and founded in 2015, SolarSquare specializes in designing, installing, and maintaining rooftop solar systems for households, residential communities, and businesses. According to its official website, the company has expanded its operations across nine states and 29 cities, with a cumulative installed capacity exceeding 150 megawatts.
According to insiders, the company has served nearly 50,000 households and approximately 400 residential communities, and has also deployed rooftop solar systems for enterprises such as Swiggy, Zepto, and iD Fresh Food. Residential customers and residential communities are now its primary source of revenue.
Another person with knowledge of the matter said that SolarSquare’s annualized revenue run rate from residential and community projects has exceeded ₹10 billion, approximately $104 million; the company also plans to increase its residential solar portfolio to 200 megawatts this year.