Indian rooftop solar startup SolarSquare is in advanced talks to raise $55 million to $60 million in new funding, with deal expected to close next month.
B Capital and Lightspeed Venture Partners are set to co-lead Series C round, while the existing investor Elevation Capital will also participate. The round could value Mumbai-headquartered SolarSquare at between $450 million and $500 million, more than doubling its $200 million post-money valuation from December 2024.
Lightspeed previously led SolarSquare’s $40 million Series B in December 2024, India’s largest solar venture round at the time. This time Lightspeed is investing through its growth fund, which has also backed Razorpay and Zepto. SolarSquare has raised $61.1 million in total equity financing to date. Terms could still change as financing is not yet finalized.
Founded in 2015, SolarSquare designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises. Company operates across 29 cities in nine Indian states and has installed over 150 megawatts of solar capacity. It has powered nearly 50,000 homes and around 400 housing societies. Enterprise clients include Swiggy, Zepto, and iD Fresh Food.
Residential customers and housing societies now make up majority of SolarSquare’s business. The company crossed annualized revenue run rate of over 10 billion INR, roughly $104 million, across homes and housing societies combined. SolarSquare aims to reach 200 megawatts in residential solar portfolio in 2026.
India set a target of 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half. Country became world’s third-largest solar power producer in 2025, trailing only China and the United States. Cumulative installed solar capacity surged from roughly 3 gigawatts in 2014 to over 150 gigawatts in 2026.
