SolarSquare eyes $60M Series C as India’s residential solar boom attracts VC giants
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A Surge in Investor Conviction
SolarSquare, the Mumbai-based startup transforming how Indian households and housing societies adopt renewable energy, is currently in advanced negotiations to secure a fresh infusion of capital. According to sources familiar with the matter, the company is eyeing a Series C round that could bring in between $55 million and $60 million.
The round is expected to be co-led by B Capital and Lightspeed Venture Partners. If the deal closes as anticipated, it would place SolarSquare’s valuation in the range of $450 million to $500 million. This represents a staggering leap in valuation—more than doubling in roughly 18 months—highlighting a growing appetite among venture capitalists for the residential solar sector in India.
Lightspeed is no stranger to the company, having led a $40 million Series B round in December 2024. However, the current play is reportedly being driven through Lightspeed’s growth fund, the same vehicle that backed high-growth Indian unicorns like the payments platform Razorpay and the quick-commerce disruptor Zepto. Elevation Capital, an existing investor, is also expected to participate in the round, which sources say is slated to finalize next month.
Tackling a Fragmented Market
Founded in 2015, SolarSquare is attempting to do for residential solar what SaaS companies did for business software: create a streamlined, full-stack experience in a market that has historically been a chaotic mess of local installers and fragmented dealer networks. For years, the sector has been dominated by small-scale players or networks tied to legacy manufacturers like Tata Power, Waaree Energies, and Exide Industries.
SolarSquare has carved out a niche by focusing on the specific complexities of Indian urban living. This includes not just individual homes, but the massive apartment complexes and gated communities common in cities like Mumbai and Bangalore. By handling the entire lifecycle—from design and installation to long-term maintenance—the startup has managed to install over 150 megawatts of solar capacity across 29 cities and nine states.
The company’s footprint is significant, having powered nearly 50,000 homes and roughly 400 housing societies. While they have previously worked with enterprise clients like Swiggy and iD Fresh Food, the internal strategy has shifted. According to insiders, SolarSquare has aggressively scaled back its involvement in lower-margin industrial projects to double down on the residential and community-led segments, where the growth potential is higher and the customer stickiness is stronger.
The Macro Play: India’s 2030 Goals
The timing of this funding push aligns with India’s broader national energy ambitions. The government has set a target of 500 gigawatts of renewable energy capacity by 2030, with solar expected to provide the lion’s share of that power. As of 2026, India has solidified its position as the world’s third-largest solar producer, trailing only China and the U.S., with cumulative installed capacity surging from a mere 3 GW in 2014 to over 150 GW.
This growth has been fueled by a combination of aggressive government subsidies and a cultural shift toward energy independence among the urban middle class. SolarSquare is riding this wave, with sources indicating the company has already crossed an annualized revenue run rate of over ₹10 billion (approximately $104 million). The company is now aiming to hit a 200-megawatt residential portfolio within the current year.
When contacted, SolarSquare declined to comment on the funding talks. B Capital, Lightspeed Venture Partners, and Elevation Capital also did not respond to requests for comment. While terms are still being finalized and subject to change, the momentum suggests that the “solarization” of the Indian suburb is becoming a primary target for global growth capital.
