SolarSquarean Indian rooftop solar startup that helps households and housing societies adopt solar energy, is in advanced talks to raise new capital after securing the largest solar investment in India in December 2024, TechCrunch has learned.
B Capital and Lightspeed Venture Partners are expected to co-lead the Series C round, which could value SolarSquare between $450 million and $500 million and generate $55 million to $60 million in new investment, 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 the residential solar market in India.
Lightspeed Venture Partners previously led the SolarSquare project $40 million, Series B 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 such as 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 at an advanced stage and expected to close next month. The conditions could still change since the financing has not yet been finalized. SolarSquare has raised $61.1 million in equity capital to date, according to Tracxn startup data platform.
India has set a target of reaching 500 gigawatts of renewable energy capacity by 2030, with solar power expected to contribute more than half of that total. The country will become the world’s third largest producer of solar energy in 2025, behind China and the United States. Its cumulative installed solar capacity has increased by around 3 GW in 2014 at more than 150 GW in 2026aided in part by government incentives and grant programs aimed at accelerating the adoption of rooftop solar.
Mumbai-headquartered SolarSquare, founded in 2015, positions itself as a comprehensive residential solar platform in a market that remains highly fragmented, dominated by small local installers and reseller 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 in urban India) and businesses, and has installed more than 150 megawatts of solar capacity with a presence in 29 cities across nine states, according to its website.
SolarSquare has powered nearly 50,000 homes and around 400 housing societies, according to a source. The startup has also deployed solar systems on the roofs of major companies, including Swiggy, Zepto and iD Fresh Food.
Residential customers and housing companies now make up the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly scaled back low-margin industrial rooftop solar projects in recent years.
The startup has surpassed an annualized revenue run rate of over ₹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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Jagmeet covers startups, technology policy updates and all other major technology developments in India for TechCrunch. He previously worked as a senior correspondent at NDTV.
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