SolarSquare, an Indian rooftop solar startup helping households and housing communities 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 will co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and raise $55 million to $60 million in new investment, according to multiple sources familiar with the matter. This means that SolarSquare’s value has more than doubled in roughly 18 months, a sign of how quickly investor confidence in India’s residential solar market is building.
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, it is investing through a growth fund that backs names like India’s leading digital payments platform Razorpay and rapid delivery startup Zepto, according to sources.
Existing investor Elevation Capital is also expected to participate in this transaction. This transaction is currently in progress and is expected to close next month. Terms may change as financing has not yet been confirmed. SolarSquare has raised $61.1 million in equity capital to date, according to startup data platform Tracxn.
India has set a goal of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to account for more than half of the total capacity. By 2025, China will become the world’s third-largest solar power producer, after China and the United States. Cumulative installed solar capacity has surged from around 3 GW in 2014 to more than 150 GW in 2026, helped by government incentives and subsidy schemes to accelerate rooftop solar adoption.
Founded in 2015, Mumbai-based SolarSquare positions itself as a full-stack residential solar platform in a highly fragmented market dominated by a network of small local installers and dealers 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, housing associations (apartment complexes and gated communities common across urban India) and businesses, and has installed more than 150 megawatts of solar power capacity across 29 cities in nine states, according to its website.
Sources said SolarSquare has supplied power to nearly 50,000 homes and around 400 housing associations. The startup has also deployed rooftop solar systems for large corporations including Swiggy, Zepto, and iD Fresh Food.
Residential customers and housing associations now make up the majority of SolarSquare’s business as the startup has increasingly scaled back less profitable industrial rooftop solar projects in recent years, according to people familiar with the startup’s operations.
The startup generates annual revenue of over 10 billion rupees (about $104 million) from housing and housing associations, according to sources familiar with the matter. It also aims to reach 200 megawatts in its residential solar portfolio this year, the sources added.
SolarSquare declined to comment. B Capital, Lightspeed Venture Partners and Elevation Capital did not respond to requests for comment.
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