SolarSquareTechCrunch, an Indian rooftop solar startup that helps households and housing societies adopt solar energy, is in advanced talks to raise fresh capital after securing India’s largest solar venture investment in December 2024.
B Capital and Lightspeed Venture Partners will co-lead the Series C round, which could value SolarSquare at $450 million to $500 million and generate $55 million to $60 million in new investments, according to several people familiar with the matter. That would more than double SolarSquare’s valuation in about 18 months, a sign of how quickly investor conviction is building around India’s residential solar market.
Lightspeed Venture Partners previously led the SolarSquare project $40 million Series B It will hover around a post-money valuation of around $200 million 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 fast delivery startup.
Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and is expected to close next month. Terms could still change as financing has not yet closed. SolarSquare has raised $61.1 million in equity financing to date. according to the Tracxn startup data platform.
India has set a goal of reaching 500 gigawatts of renewable energy capacity by 2030, with solar energy expected to contribute more than half of that total. The country became the world’s third largest producer of solar energy in 2025, behind only China and the United States. Its cumulative installed solar capacity has increased. increased from approximately 3 GW in 2014 to more than 150 GW in 2026helped in part by government incentives and subsidy schemes aimed at accelerating the adoption of rooftop solar.
Mumbai-based 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, housing societies (the apartment complexes and gated communities common across urban India) and businesses, and has installed over 150 megawatts of solar capacity with a presence in 29 cities across nine states, according to its website.
According to a source, SolarSquare has powered nearly 50,000 homes and around 400 housing societies. The startup has also deployed rooftop solar systems for large companies including Swiggy, Zepto and iD Fresh Food.
Residential customers and housing 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 rooftop solar projects in recent years.
The startup has surpassed an annualized revenue rate of over Rs 10 billion (around $104 million) across households and housing societies combined, according to a source familiar with the matter. 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.
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