India's SolarSquare in Advanced Talks to Raise Up to $60M Amid Surging Investor Interest

SolarSquare, a prominent Indian rooftop solar startup, is reportedly in advanced discussions to secure a substantial Series C funding round, aiming to raise between $55 million and $60 million. This potential investment, co-led by B Capital and Lightspeed Venture Partners, could significantly boost SolarSquare's valuation to an estimated $450 million to $500 million. This marks a remarkable doubling of its valuation in approximately 18 months, underscoring the escalating investor confidence in India's burgeoning residential solar market. The talks follow SolarSquare's successful Series B round in December 2024, which was the largest solar venture investment in India at the time. Lightspeed Venture Partners, a key investor, previously spearheaded SolarSquare's $40 million Series B round, valuing the company at around $200 million post-money. For the current Series C, Lightspeed is reportedly investing through its growth fund, which has a track record of backing successful Indian tech giants like Razorpay and Zepto. Existing investor Elevation Capital is also expected to participate in this latest funding round, which is nearing completion and anticipated to close next month. To date, SolarSquare has accumulated $61.1 million in equity financing, according to Tracxn data. This surge in investment interest is set against the backdrop of India's ambitious renewable energy targets. The nation aims to achieve 500 gigawatts of renewable energy capacity by 2030, with solar power projected to contribute over half of this total. India ascended to become the world's third-largest solar power producer in 2025, trailing only China and the U.S. Its cumulative installed solar capacity has seen exponential growth, from approximately 3 GW in 2014 to more than 150 GW in 2026, largely propelled by supportive government incentives and subsidy schemes designed to accelerate rooftop solar adoption across the country. Founded in 2015 and headquartered in Mumbai, SolarSquare has carved a niche as a full-stack residential solar platform. It operates in a highly fragmented market often dominated by smaller local installers and dealer networks affiliated with major component manufacturers. The startup provides comprehensive services, including the design, installation, and maintenance of rooftop solar systems for individual homes, housing societies (common apartment complexes and gated communities in urban India), and enterprises. Its extensive footprint covers 29 cities across nine states, having installed over 150 megawatts of solar capacity. SolarSquare's strategic shift has seen it increasingly focus on residential customers and housing societies, which now constitute the majority of its business. This pivot involved scaling back lower-margin industrial rooftop solar projects in recent years. The company has successfully powered nearly 50,000 homes and approximately 400 housing societies. Furthermore, it has deployed rooftop solar systems for notable enterprises such as Swiggy, Zepto, and iD Fresh Food. The startup has reportedly surpassed an annualized revenue run rate exceeding ₹10 billion (around $104 million) from its residential and housing society segments combined and aims to expand its residential solar portfolio to 200 megawatts this year. SolarSquare, B Capital, Lightspeed Venture Partners, and Elevation Capital all declined to comment on the ongoing funding discussions.