SolarSquare is in advanced talks to raise $55–60 million in a Series C round that would value the rooftop solar startup between $450 million and $500 million, people familiar with the matter told TechCrunch. The round is expected to be co-led by B Capital and Lightspeed Venture Partners, with existing investor Elevation Capital also set to participate; terms remain subject to change and the deal is expected to close next month.
Funding round details
Lightspeed previously led SolarSquare’s $40 million Series B in December 2024 at an approximate $200 million post-money valuation. A source said Lightspeed is investing this time through its growth fund, and the new financing would more than double the company’s valuation in roughly 18 months.
Investors and existing backing
B Capital and Lightspeed Venture Partners are set to co-lead the Series C, and Elevation Capital is expected to participate. SolarSquare has raised $61.1 million in equity to date, according to Tracxn.
Company profile and operations
Founded in 2015 and headquartered in Mumbai, SolarSquare positions itself as a full-stack residential solar platform. The company designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises.
Scale and clients
SolarSquare’s website and sources say it has installed more than 150 megawatts of capacity across 29 cities in nine states. The startup has powered nearly 50,000 homes and about 400 housing societies, and deployed rooftop systems for Swiggy, Zepto, and iD Fresh Food.
Business mix and targets
People familiar with operations said residential customers and housing societies now represent the majority of SolarSquare’s business. The startup has crossed an annualized revenue run rate of more than ₹10 billion (around $104 million) and aims to reach 200 megawatts in its residential portfolio this year.
Market context
India set a target of 500 gigawatts of renewable capacity by 2030, with solar expected to provide more than half of that total. The country became the world’s third-largest solar power producer in 2025, and installed solar capacity rose from about 3 GW in 2014 to more than 150 GW in 2026.
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