SolarSquare, an Indian rooftop solar startup that helps households and housing societies adopt solar energy, is in advanced talks to lift fresh capital after securing India’s largest solar enterprise investment in December 2024, TechCrunch has learned.
B Capital and Lightspeed Enterprise Partners are set to co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and produce in $55 million to $60 million in latest investment, in response to multiple people accustomed to the matter. That might represent greater than a doubling of SolarSquare’s valuation in roughly 18 months — an indication of how rapidly investor conviction is constructing around India’s residential solar market.
Lightspeed Enterprise Partners previously led SolarSquare’s $40 million Series B round at around a $200 million post-money valuation in December 2024. This time, in response to a source, it’s investing through its growth fund, which has backed names resembling Razorpay — India’s leading digital payments platform — and Zepto, the fast-delivery startup.
Existing investor Elevation Capital can also be expected to take part in the deal, which is currently in advanced stages and is predicted to shut next month. The terms could still change because the financing has not yet been finalized. SolarSquare has raised $61.1 million in equity financing so far, per the startup data platform Tracxn.
India has set a goal of achieving 500 gigawatts of renewable energy capability by 2030, with solar expected to contribute greater than half of that total. The country became the world’s third-largest solar energy producer in 2025, trailing only China and the U.S. Its cumulative installed solar capability has surged from about 3 GW in 2014 to greater than 150 GW in 2026, aided partly by government incentives and subsidy schemes aimed toward accelerating rooftop solar adoption.
Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a full-stack residential solar platform in a market that is still highly fragmented, dominated by small local installers and dealer networks tied to component manufacturers resembling Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup designs, installs, and maintains rooftop solar systems for homes, housing societies (the apartment complexes and gated communities common across urban India), and enterprises, and has installed greater than 150 megawatts of solar capability with a presence across 29 cities in nine states, per its website.
SolarSquare has powered nearly 50,000 homes and around 400 housing societies, in response to a source. The startup has also deployed rooftop solar systems for big enterprises including Swiggy, Zepto, and iD Fresh Food.
Residential customers and housing societies now account for a majority of SolarSquare’s business, in response to people accustomed to the startup’s operations, because the startup has increasingly scaled back lower-margin industrial rooftop solar projects in recent times.
The startup has crossed an annualized revenue run rate of greater than ₹10 billion (around $104 million) across homes and housing societies combined, in response to a source accustomed to the matter. It also goals to achieve 200 megawatts in its residential solar portfolio this yr, the source added.
SolarSquare declined to comment. B Capital, Lightspeed Enterprise Partners, and Elevation Capital didn’t reply to requests for comment.
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