SolarSquare is in talks to raise up to $60 million as India’s rooftop solar market attracts significant venture capital interest

solarsquarean Indian rooftop solar startup that helps households and residential communities adopt solar energy, is in advanced talks to raise fresh capital after securing the largest investment in a solar project in India in December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are set to co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and bring in between $55 million and $60 million in new investment, according to several people familiar with the matter. This would more than double Solar Square’s valuation in about 18 months – a sign of how quickly investor conviction around India’s residential solar market is building.

Lightspeed Venture Partners previously led SolarSquare $40 million Series B Roughly at a post-cash valuation of around $200 million in December 2024. This time, according to a source, it is investing through its growth fund, which has backed names like Razorpay — India’s leading digital payments platform — and Zepto, the express delivery startup.

Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and is expected to close next month. Terms could still change as financing has not yet been finalized. SolarSquare has raised $61.1 million in equity financing to date, According to startup data platform Tracxn.

India has set a goal of achieving 500 gigawatts of renewable energy by 2030, and solar energy is expected to contribute more than half of this total. The country will become the world’s third-largest solar producer in 2025, trailing only China and the United States. It rose from about 3 gigawatts In 2014 for More than 150 GW in 2026supported in part by government incentives and support schemes aimed at accelerating the adoption of rooftop solar.

Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as an integrated residential solar platform in a market that remains highly fragmented, dominated by small local installers and dealer networks linked to component manufacturers such as Tata Power, Warri Energies, Luminus Power Technologies and Exide Industries. The startup designs, installs and maintains rooftop solar systems for homes, residential communities (residential complexes and gated communities common across urban India), and businesses, and has installed more than 150 MW of solar capacity with a presence in 29 cities across nine states, according to its website.

SolarSquare has powered nearly 50,000 homes and about 400 apartment associations, according to a source. The startup has also deployed rooftop solar systems for large enterprises including Swiggy, Zepto and iD Fresh Food.

Residential customers and housing associations now account for the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly cut back on low-margin rooftop industrial solar projects in recent years.

The startup has crossed an annual revenue run rate of more than INR 10 billion (about $104 million) across homes and housing societies combined, according to a source familiar with the matter. The company also aims to reach 200 MW in its residential solar portfolio this year, the source added.

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