SolarSquare Plans $60M Series C as Indian Rooftop Solar Attracts Investors

SolarSquare is advancing toward a Series C funding round aiming to raise between $55 million and $60 million, which could place the valuation of the Indian rooftop solar company between $450 million and $500 million, according to sources familiar with the matter. This would represent more than a twofold increase in valuation within roughly 18 months, highlighting growing investor interest in India's residential solar sector.

B Capital and Lightspeed Venture Partners are anticipated to co-lead this funding round. Lightspeed, which previously led SolarSquare’s $40 million Series B round in December 2024 at a post-money valuation near $200 million, is participating through its growth fund this time. This fund has invested in companies including Razorpay and Zepto. Existing backer Elevation Capital is also expected to participate. The Series C round is in advanced stages and expected to close next month, though terms are still subject to change.

According to startup analytics platform Tracxn, SolarSquare has raised $61.1 million in equity financing so far. Founded in 2015 and based in Mumbai, the company operates as a full-service residential solar platform within a fragmented market dominated by small local installers and dealer networks associated with manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries.

SolarSquare offers design, installation, and maintenance of rooftop solar systems for homes, housing societies—including apartment complexes and gated communities common in urban India—and enterprises. Its installed solar capacity exceeds 150 megawatts across 29 cities in nine states, as detailed on its website.

The startup has delivered solar power solutions to nearly 50,000 homes and around 400 housing societies, a source indicated. It has also installed rooftop solar systems for large enterprises like Swiggy, Zepto, and iD Fresh Food. Residential customers and housing societies now make up the majority of SolarSquare’s business, with the company reducing its focus on lower-margin industrial rooftop solar projects in recent years.

A source familiar with the company’s performance revealed that SolarSquare has surpassed an annualized revenue run rate of over ₹10 billion (approximately $104 million) from its combined home and housing society operations. The startup plans to increase its residential solar portfolio to 200 megawatts within the current year.

India aims to reach 500 gigawatts of renewable energy capacity by 2030, with solar power expected to contribute more than half of this total. In 2025, India ranked as the world’s third-largest solar power producer after China and the United States. Installed solar capacity in India has expanded from about 3 gigawatts in 2014 to over 150 gigawatts in 2026, supported by government incentives and subsidy programs designed to accelerate rooftop solar adoption.

SolarSquare declined to comment on the funding discussions. B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.