SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest

SolarSquare, an Indian rooftop star startup that helps households and lodging societies follow star power, is successful precocious talks to rise caller superior aft securing India’s largest star task concern successful December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are acceptable to co-lead the Series C round, which could worth SolarSquare astatine betwixt $450 cardinal and $500 cardinal and bring successful $55 cardinal to $60 cardinal successful caller investment, according to aggregate radical acquainted with the matter. That would correspond much than a doubling of SolarSquare’s valuation successful astir 18 months — a motion of however rapidly capitalist condemnation is gathering astir India’s residential star market.

Lightspeed Venture Partners antecedently led SolarSquare’s $40 cardinal Series B circular astatine astir a $200 cardinal post-money valuation successful December 2024. This time, according to a source, it’s investing done its maturation fund, which has backed names specified arsenic Razorpay — India’s starring integer payments level — and Zepto, the fast-delivery startup.

Existing capitalist Elevation Capital is besides expected to enactment successful the deal, which is presently successful precocious stages and is expected to adjacent adjacent month. The presumption could inactive alteration arsenic the financing has not yet been finalized. SolarSquare has raised $61.1 cardinal successful equity financing to date, per the startup information level Tracxn.

India has acceptable a people of achieving 500 gigawatts of renewable vigor capableness by 2030, with star expected to lend much than fractional of that total. The state became the world’s third-largest star powerfulness shaper successful 2025, trailing lone China and the U.S. Its cumulative installed star capableness has surged from astir 3 GW successful 2014 to more than 150 GW successful 2026, aided partially by authorities incentives and subsidy schemes aimed astatine accelerating rooftop star adoption.

Mumbai-headquartered SolarSquare, founded successful 2015, is positioning itself arsenic a full-stack residential star level successful a marketplace that remains highly fragmented, dominated by tiny section installers and trader networks tied to constituent manufacturers specified arsenic Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup designs, installs, and maintains rooftop star systems for homes, lodging societies (the flat complexes and gated communities communal crossed municipality India), and enterprises, and has installed much than 150 megawatts of star capableness with a beingness crossed 29 cities successful 9 states, per its website.

SolarSquare has powered astir 50,000 homes and astir 400 lodging societies, according to a source. The startup has besides deployed rooftop star systems for ample enterprises including Swiggy, Zepto, and iD Fresh Food.

Residential customers and lodging societies present relationship for a bulk of SolarSquare’s business, according to radical acquainted with the startup’s operations, arsenic the startup has progressively scaled backmost lower-margin concern rooftop star projects successful caller years.

The startup has crossed an annualized gross tally complaint of much than ₹10 cardinal (around $104 million) crossed homes and lodging societies combined, according to a root acquainted with the matter. It besides aims to scope 200 megawatts successful its residential star portfolio this year, the root added.

SolarSquare declined to comment. B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.