SolarSquare in talks to lift as much as $60M as India’s rooftop photo voltaic market attracts main VC curiosity

SolarSquare, an Indian rooftop photo voltaic startup that helps households and housing societies undertake solar energy, is in superior talks to lift contemporary capital after securing India’s largest photo voltaic enterprise funding in December 2024, TechCrunch has realized.

B Capital and Lightspeed Enterprise Companions are set to co-lead the Collection C spherical, which may worth SolarSquare at between $450 million and $500 million and herald $55 million to $60 million in new funding, based on a number of individuals acquainted with the matter. That will characterize greater than a doubling of SolarSquare’s valuation in roughly 18 months — an indication of how quickly investor conviction is constructing round India’s residential photo voltaic market.

Lightspeed Enterprise Companions beforehand led SolarSquare’s $40 million Collection B spherical at round a $200 million post-money valuation in December 2024. This time, based on a supply, it’s investing via its development fund, which has backed names akin to Razorpay — India’s main digital funds platform — and Zepto, the fast-delivery startup.

Current investor Elevation Capital can also be anticipated to take part within the deal, which is at the moment in superior levels and is anticipated to shut subsequent month. The phrases may nonetheless change because the financing has not but been finalized. SolarSquare has raised $61.1 million in fairness financing up to now, per the startup information platform Tracxn.

India has set a goal of attaining 500 gigawatts of renewable vitality capability by 2030, with photo voltaic anticipated to contribute greater than half of that whole. The nation grew to become the world’s third-largest solar energy producer in 2025, trailing solely China and the U.S. Its cumulative put in photo voltaic capability has surged from about 3 GW in 2014 to greater than 150 GW in 2026, aided partly by authorities incentives and subsidy schemes geared toward accelerating rooftop photo voltaic adoption.

Mumbai-headquartered SolarSquare, based in 2015, is positioning itself as a full-stack residential photo voltaic platform in a market that continues to be extremely fragmented, dominated by small native installers and seller networks tied to part producers akin to Tata Energy, Waaree Energies, Luminous Energy Applied sciences, and Exide Industries. The startup designs, installs, and maintains rooftop photo voltaic techniques for houses, housing societies (the house complexes and gated communities widespread throughout city India), and enterprises, and has put in greater than 150 megawatts of photo voltaic capability with a presence throughout 29 cities in 9 states, per its web site.

SolarSquare has powered practically 50,000 houses and round 400 housing societies, based on a supply. The startup has additionally deployed rooftop photo voltaic techniques for giant enterprises together with Swiggy, Zepto, and iD Recent Meals.

Residential prospects and housing societies now account for a majority of SolarSquare’s enterprise, based on individuals acquainted with the startup’s operations, because the startup has more and more scaled again lower-margin industrial rooftop photo voltaic tasks in recent times.

The startup has crossed an annualized income run price of greater than ₹10 billion (round $104 million) throughout houses and housing societies mixed, based on a supply acquainted with the matter. It additionally goals to succeed in 200 megawatts in its residential photo voltaic portfolio this 12 months, the supply added.

SolarSquare declined to remark. B Capital, Lightspeed Enterprise Companions, and Elevation Capital didn’t reply to requests for remark.