TL;DR
SolarSquare is raising up to $60M at a $500M valuation from B Capital and Lightspeed. Its ARR has crossed $104M.
SolarSquare, an Indian rooftop solar startup, is in advanced talks to raise $55 million to $60 million at a valuation between $450 million and $500 million, TechCrunch reports. B Capital and Lightspeed Venture Partners are set to co-lead the Series C round. The deal would more than double SolarSquare’s valuation from 18 months ago.
Lightspeed led the company’s $40 million Series B at roughly $200 million post-money in December 2024. This time, it is investing through its growth fund, which has backed Razorpay and Zepto. Existing investor Elevation Capital is also expected to participate.
The financing has not yet closed and terms could still change. SolarSquare has raised $61.1 million in equity to date. The round is expected to close next month.
Mumbai-headquartered SolarSquare was founded in 2015. It designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises. It has installed more than 150 megawatts of capacity across 29 cities in nine states.
The company has powered nearly 50,000 homes and roughly 400 housing societies. Enterprise clients include Swiggy, Zepto, and iD Fresh Food. Residential customers and housing societies now account for the majority of the business after the company scaled back lower-margin industrial projects.
SolarSquare has crossed an annualised revenue run rate of more than ₹10 billion (approximately $104 million). It aims to reach 200 megawatts in its residential solar portfolio this year. The growth trajectory is being driven by India’s fragmented rooftop solar market, which remains dominated by small local installers.
India became the world’s third-largest solar power producer in 2025, behind only China and the US. Its cumulative installed solar capacity surged from about 3 GW in 2014 to more than 150 GW in 2026. The government has set a target of 500 GW of renewable energy capacity by 2030, with solar expected to contribute more than half.
Government subsidies have been a significant driver of residential adoption. The PM Surya Ghar Muft Bijli Yojana scheme, which provides subsidies covering up to 60% of rooftop solar installation costs for households, has accelerated demand in urban and semi-urban areas. SolarSquare is positioning itself as the full-stack platform that captures that demand at scale.
The global solar story has a contradictory dimension in 2026. While India is deploying rooftop solar at record pace, Elon Musk’s xAI is powering data centres with $2.8 billion in gas turbines. Tesla’s solar division generates $2.8 billion in quarterly revenue but is being ignored by Musk’s own AI company. SolarSquare’s growth demonstrates that terrestrial solar economics work at consumer scale, even as the AI industry bets on alternatives.
India’s technology adoption story is under pressure from multiple directions. The sub-$100 smartphone market collapsed 59% year on year in Q1 2026 as memory prices surged. The same country that is rapidly deploying rooftop solar is simultaneously losing access to affordable smartphones. SolarSquare is part of the infrastructure buildout that makes India’s digital economy possible. Without affordable power, the rest of the stack does not work.
The competitive landscape includes Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries, all of which operate through dealer networks and local installer partnerships. SolarSquare’s advantage is vertical integration: it controls the customer relationship from initial design through installation and ongoing maintenance. That model is harder to scale than a dealer network but creates stronger customer retention.
SolarSquare declined to comment. B Capital, Lightspeed, and Elevation Capital did not respond to requests for comment. If the round closes at the reported terms, it will be among the largest venture investments in India’s clean energy sector this year.
Stephan is the sports journalist for the Maple Grove Report.
