SolarSquare Eyes Up to $60 Million Funding Round Amid Rising Investor Demand for India’s Rooftop Solar Sector

Indian rooftop solar company SolarSquare is reportedly in advanced discussions to secure a significant new funding round, building on the momentum created by what was one of the largest venture investments in India’s solar sector in late 2024. The company, which focuses on helping homeowners and residential communities adopt solar energy, is attracting growing investor attention as India’s rooftop solar market continues to expand rapidly.

According to sources familiar with the matter, investment firms B Capital and Lightspeed Venture Partners are expected to co-lead SolarSquare’s upcoming Series C financing round. The deal could raise between $55 million and $60 million and potentially value the Mumbai-based startup at approximately $450 million to $500 million. If completed at those levels, the transaction would more than double the company’s valuation within about 18 months, reflecting increasing confidence in India’s residential solar opportunity.

Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B round in December 2024, when the company was valued at roughly $200 million post-money. This time, sources indicate that Lightspeed may participate through its growth-stage investment vehicle, which has backed several major Indian technology companies, including digital payments platform Razorpay and quick-commerce startup Zepto.

Existing investor Elevation Capital is also expected to participate in the financing. While discussions are said to be in advanced stages and a closing could occur next month, final terms remain subject to change until agreements are formally completed. According to the startup intelligence platform Tracxn, SolarSquare has raised more than $61 million in equity funding to date.

The fundraising effort comes as India continues to expand its renewable energy ambitions aggressively. The country has established a target of reaching 500 gigawatts of renewable energy capacity by 2030, with solar energy expected to contribute the largest share of that expansion. India became the world’s third-largest solar power producer in 2025, behind only China and the United States. Installed solar capacity has grown dramatically over the last decade, rising from roughly 3 gigawatts in 2014 to more than 150 gigawatts in 2026, supported by government incentives and subsidy programs designed to encourage rooftop solar adoption.

Founded in 2015 and headquartered in Mumbai, SolarSquare has positioned itself as a full-service residential solar platform operating in a highly fragmented market. The rooftop solar sector in India is still dominated by local installers and dealer networks connected to major equipment manufacturers, including Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries.

SolarSquare provides end-to-end services, including designing, installing, and maintaining rooftop solar systems for individual homes, housing societies, and businesses. According to information available on the company’s website, it has installed more than 150 megawatts of solar capacity and currently operates in 29 cities across nine Indian states.

Sources familiar with the company’s operations say SolarSquare has supplied solar systems to nearly 50,000 households and approximately 400 housing societies. The company has also completed installations for several prominent businesses, including Swiggy, Zepto, and iD Fresh Food.

Residential customers and housing societies now contribute the majority of SolarSquare’s business activity. Over recent years, the company has reportedly reduced its focus on lower-margin industrial rooftop solar projects and increased emphasis on the residential segment, where long-term growth opportunities appear stronger.

Industry sources indicate that SolarSquare has surpassed an annualised revenue run rate of ₹10 billion, or approximately $104 million, across its residential and housing-society operations. The company is also reportedly targeting 200 megawatts of residential solar capacity in its portfolio this year, further strengthening its position in one of India’s fastest-growing clean energy markets.

SolarSquare declined to comment on the reported financing discussions. At the same time, B Capital, Lightspeed Venture Partners, and Elevation Capital had not publicly responded to requests for comment at the time of reporting.