SolarSquare, an Indian rooftop sun startup that is helping families and housing societies undertake solar energy, is in complex talks to boost contemporary capital after securing India’s biggest sun undertaking funding in December 2024, TechCrunch has realized.
B Capital and Lightspeed Challenge Companions are set to co-lead the Collection C spherical, which might worth SolarSquare at between $450 million and $500 million and usher in $55 million to $60 million in new funding, in keeping with more than one other people aware of the subject. That may constitute greater than a doubling of SolarSquare’s valuation in more or less 18 months — an indication of ways impulsively investor conviction is development round India’s residential sun marketplace.
Lightspeed Challenge Companions in the past led SolarSquare’s $40 million Collection B spherical at round a $200 million post-money valuation in December 2024. This time, in keeping with a supply, it’s making an investment thru its expansion fund, which has sponsored names comparable to Razorpay — India’s main virtual bills platform — and Zepto, the fast-delivery startup.
Current investor Elevation Capital could also be anticipated to take part within the deal, which is lately in complex levels and is anticipated to near subsequent month. The phrases may nonetheless trade because the financing has no longer but been finalized. SolarSquare has raised $61.1 million in fairness financing thus far, in keeping with the startup information platform Tracxn.
India has set a goal of accomplishing 500 gigawatts of renewable power capability by way of 2030, with sun anticipated to give a contribution greater than part of that general. The rustic turned into the arena’s third-largest solar energy manufacturer in 2025, trailing handiest China and the U.S. Its cumulative put in sun capability has surged from about 3 GW in 2014 to greater than 150 GW in 2026, aided in part by way of executive incentives and subsidy schemes aimed toward accelerating rooftop sun adoption.
Mumbai-headquartered SolarSquare, based in 2015, is positioning itself as a full-stack residential sun platform in a marketplace that continues to be extremely fragmented, ruled by way of small native installers and broker networks tied to part producers comparable to Tata Energy, Waaree Energies, Luminous Energy Applied sciences, and Exide Industries. The startup designs, installs, and maintains rooftop sun methods for houses, housing societies (the condo complexes and gated communities not unusual throughout city India), and enterprises, and has put in greater than 150 megawatts of sun capability with a presence throughout 29 towns in 9 states, in keeping with its website online.
SolarSquare has powered just about 50,000 houses and round 400 housing societies, in keeping with a supply. The startup has additionally deployed rooftop sun methods for enormous enterprises together with Swiggy, Zepto, and iD Contemporary Meals.
Residential consumers and housing societies now account for a majority of SolarSquare’s industry, in keeping with other people aware of the startup’s operations, because the startup has increasingly more scaled again lower-margin business rooftop sun initiatives in recent times.
The startup has crossed an annualized income run charge of greater than ₹10 billion (round $104 million) throughout houses and housing societies mixed, in keeping with a supply aware of the subject. It additionally goals to succeed in 200 megawatts in its residential sun portfolio this 12 months, the supply added.
SolarSquare declined to remark. B Capital, Lightspeed Challenge Companions, and Elevation Capital didn’t reply to requests for remark.
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