SolarSquareThe rooftop solar startup, which helps households and residential communities adopt solar energy, is in advanced talks to raise fresh capital after securing India’s largest solar venture investment in December 2024, TechCrunch has learned.
B Capital and Lightspeed Venture Partners are set to lead a Series C round that could value SolarSquare at $450 million to $500 million and bring in $55 million to $60 million in new investment, according to multiple people familiar with the matter. That would mean SolarSquare’s valuation has more than doubled in about 18 months — a sign of how quickly investor confidence is building around India’s residential solar market.
Lightspeed Venture Partners previously led SolarSquare $40M Series B In December 2024, it was valued at approximately $200 million. According to a source, this time it is investing through a growth fund that backs names like Razorpay, India’s leading digital payments platform, and Zepto, a fast delivery startup.
Existing investor Elevation Capital is also expected to participate in the deal, which is currently in development and is expected to close next month. Terms are still subject to change as funding is not yet finalized. SolarSquare has raised $61.1 million in equity funding to date. According to startup data platform Tracxn.
India has set a target of 500 gigawatts of renewable energy capacity by 2030, and solar power is expected to provide more than half of this total. The country will become the world’s third largest producer of solar energy in 2025, behind only China and the United States. increased from about 3 GW In 2014 More than 150 GW in 2026supported in part by government incentives and subsidy schemes aimed at accelerating the adoption of rooftop solar.
In 2015, Mumbai-based SolarSquare positioned itself as a full-stack residential solar platform in a highly fragmented market dominated by small local installers and dealer networks affiliated with component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies and Exide. The startup designs, installs and maintains rooftop solar systems for homes, residential societies (housing complexes and gated communities common in urban India) and businesses, and has installed more than 150 megawatts of solar power with a presence in 29 cities across nine states, according to its website.
According to the source, SolarSquare has powered about 50,000 homes and about 400 housing societies. The startup has also deployed rooftop solar systems for large enterprises such as Swiggy, Zepto and iD Fresh Food.
Residential customers and housing societies now account for the majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has cut back on lower-margin industrial rooftop solar projects in recent years.
The startup has combined annual revenue of ₹10 billion (about $104 million) across homes and housing societies, according to a source familiar with the matter. It also aims to reach 200 megawatts in its residential solar portfolio this year, the source added.
SolarSquare declined to comment. B Capital, Lightspeed Venture Partners and Elevation Capital did not respond to requests for comment.
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