SolarSquare in talks to raise up to $60M at $450M to $500M valuation

SolarSquare, an Indian rooftop solar startup, is in advanced talks to raise fresh capital. According to multiple people familiar with the matter, B Capital and Lightspeed Venture Partners are set to co-lead the Series C round. The deal is expected to close next month, though the terms could still change as the financing has not yet been finalized.

Key details of the potential transaction include:

• New investment: The round could bring in $55 million to $60 million in new investment.
• Valuation: The deal could value SolarSquare at between $450 million and $500 million.
• Participants: Existing investor Elevation Capital is expected to participate in the deal.

If finalized, the transaction would follow a $40 million Series B round led by Lightspeed Venture Partners in December 2024, which valued the company at around a $200 million post-money valuation. That round brought SolarSquare’s total equity financing to date to $61.1 million. Lightspeed has also backed companies such as Razorpay and Zepto.

The Mumbai-headquartered startup, founded in 2015, operates as a full-stack residential solar platform—a company that designs, installs, and maintains solar systems. It competes in a fragmented market alongside local installers and dealer networks tied to component manufacturers like Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries.

SolarSquare has installed more than 150 megawatts of solar capacity and established a presence across 29 cities in nine states. According to a source, the company has powered nearly 50,000 homes and around 400 housing societies (apartment complexes and gated communities). It has also deployed rooftop solar systems for enterprise clients including Swiggy, Zepto, and iD Fresh Food.

A source familiar with the matter reports that SolarSquare has crossed an annualized revenue run rate of more than ₹10 billion (around $104 million) across its combined residential and housing society business. The startup aims to reach 200 megawatts in its residential solar portfolio this year.

This growth aligns with India’s broader renewable energy targets. The country aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. India became the world’s third-largest solar power producer in 2025, trailing only China and the U.S. The country’s cumulative installed solar capacity has grown from about 3 GW in 2014 to more than 150 GW in 2026.

Why it matters

The deal represents more than a doubling of SolarSquare’s valuation in roughly 18 months, signaling rapidly building investor conviction around India’s residential solar market.