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

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

B Capital and Lightspeed Venture Partners are group 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 group acquainted pinch the matter. That would correspond much than a doubling of SolarSquare’s valuation successful about 18 months — a motion of really quickly investor condemnation is building about India’s residential star market.

Lightspeed Venture Partners antecedently led SolarSquare’s $40 cardinal Series B information astatine about 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 investor Elevation Capital is besides expected to participate successful the deal, which is presently successful precocious stages and is expected to adjacent adjacent month. The position could still 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 group a target of achieving 500 gigawatts of renewable power capacity by 2030, pinch star expected to lend much than half of that total. The state became the world’s third-largest star powerfulness shaper successful 2025, trailing only China and the U.S. Its cumulative installed star capacity has surged from about 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 mini 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 capacity pinch a beingness crossed 29 cities successful 9 states, per its website.

SolarSquare has powered about 50,000 homes and about 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 now relationship for a mostly of SolarSquare’s business, according to group acquainted pinch the startup’s operations, arsenic the startup has progressively scaled backmost lower-margin business 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 pinch the matter. It besides intends 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.