SolarSquare, a key player in India's rooftop solar sector, is negotiating to secure $55 million to $60 million in a Series C funding round. The round is co-led by B Capital and Lightspeed Venture Partners and could value the company at $450 million to $500 million, sources reveal. This funding would more than double SolarSquare's valuation in just 18 months, highlighting the growing investor interest in India's residential solar market.
Previous Investments and Key Players
Lightspeed Venture Partners, known for backing companies like Razorpay and Zepto, previously led SolarSquare's Series B round, raising $40 million in December 2024 at a $200 million valuation. This time, Lightspeed is investing through its growth fund. Existing investor Elevation Capital is also expected to join the current round, which is in its advanced stages and expected to close by next month.
SolarSquare has so far raised $61.1 million in equity financing, according to Tracxn, a startup data platform. The final terms of the current deal are not yet set in stone.
India's Renewable Energy Ambitions
India aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar power contributing more than half. As of 2025, India became the world's third-largest solar power producer, trailing only China and the U.S. The country's installed solar capacity has surged from about 3 gigawatts in 2014 to over 150 gigawatts in 2026, driven by government incentives and subsidies for rooftop solar installations.
SolarSquare's Market Position
Founded in 2015 and headquartered in Mumbai, SolarSquare provides a full-stack solution for residential solar installations. It competes in a fragmented market dominated by smaller local installers and dealers aligned with manufacturers like Tata Power and Waaree Energies. SolarSquare designs, installs, and maintains rooftop solar systems for residential and enterprise clients, with over 150 megawatts installed across 29 cities in nine states.
The startup has powered nearly 50,000 homes and about 400 housing societies. It has also installed systems for large enterprises such as Swiggy and iD Fresh Food.
Revenue and Future Goals
Residential customers and housing societies now form the core of SolarSquare's business, as it focuses less on lower-margin industrial projects. The company has achieved an annualized revenue run rate of over ₹10 billion (approximately $104 million) from residential installations. SolarSquare aims to expand its residential solar portfolio to 200 megawatts this year.
SolarSquare, B Capital, Lightspeed Venture Partners, and Elevation Capital did not comment on the ongoing negotiations.
Source: https://techcrunch.com/2026/05/23/solarsquare-in-talks-to-raise-up-to-60m-as-indias-rooftop-solar-market-draws-major-vc-interest/
