SolarSquare is in talks to raise up to $60M as India’s rooftop solar market attracts more VC interest

SolarSquareAn Indian rooftop solar startup that helps households and organizations go solar-powered, is in advanced talks to raise new capital after securing India’s largest solar investment in December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are set to lead the Series C round, which could net SolarSquare between $450 million and $500 million and bring in $55 million to $60 million in new sales, according to multiple people familiar with the matter. This represents a doubling of SolarSquare’s value in 18 months – an indication of how much business momentum is growing in India’s solar market.

Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B around $ 200 million after the investment price in December 2024. This time, according to the source, it is financed through the growth of its fund, which is behind names such as Razorpay – India’s leading digital payment platform – and Zepto, a fast-shipping startup.

Existing investor Elevation Capital is also expected to participate in the deal, which is moving forward and expected to close next month. Plans are subject to change as funding is not finalized. SolarSquare has raised $61.1 million to date, on the original Tracxn platform.

India has set a goal of achieving 500 gigawatts of renewable energy by 2030, with solar expected to contribute more than half of that total. The country is set to become the world’s third largest producer of solar power in 2025, after China and the US increased from 3 GW in 2014 to more than 150 GW in 2026supported by government incentives and subsidy measures aimed at accelerating the use of rooftop solar energy.

Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a solar platform in a market that is highly fragmented, dominated by small local installers and sales networks built by manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exideology. The startup designs, installs, and maintains rooftop solar panels for homes, housing associations (apartments and popular communities in urban India), and businesses, and has installed more than 150 megawatts of solar power and is present in 29 cities across nine states, on its website.

SolarSquare has helped about 50,000 homes and about 400 homes, according to the source. The startup has also installed solar systems at major businesses including Swiggy, Zepto, and iD Fresh Food.

SolarSquare’s residential and institutional customers now account for most of SolarSquare’s business, according to people familiar with the startup’s operations, as more startups have outpaced industrial rooftop solar projects in recent years.

The startup has passed more than $10 billion (about $104 million) in domestic and institutional funding combined, according to a source familiar with the matter. It also aims to reach 200 megawatts in its solar facilities this year, the source added.

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