Investment Round
Indian startup SolarSquare, which specializes in installing rooftop solar panels for private homes and residential complexes, is in advanced talks to secure a new major funding round. According to TechCrunch, the new investment will range from $55 to $60 million, with the company's valuation expected to be between $450 and $500 million.
Company History
This move represents a more than twofold increase in the startup's capitalization in just a year and a half. In December 2024, Lightspeed led a Series B round of $40 million, valuing SolarSquare at $200 million. This time, Lightspeed plans to invest through its specialized growth fund, which has previously supported notable Indian market projects such as payment platform Razorpay and quick delivery service Zepto.
Government Support
The deal, expected to close next month, will also involve Elevation Capital, an existing investor in SolarSquare. According to Tracxn, SolarSquare has raised $61.1 million in equity capital to date. Investor optimism is driven by India's ambitious goal to reach 500 GW of renewable energy capacity by 2030, with more than half of this volume expected to come from solar energy.
Company Activities
India has made significant progress in solar energy production, ranking third globally in 2025, behind only China and the US. The country's total installed solar capacity has seen a massive jump, from around 3 GW in 2014 to over 150 GW in 2026, largely driven by government subsidies for residential rooftop solar installations. Founded in 2015 and headquartered in Mumbai, SolarSquare positions itself as a comprehensive digital platform for the highly fragmented market, which has been dominated by small local installers and dealer networks of major component manufacturers.
Future Plans
The startup designs, installs, and maintains solar energy systems for the private sector, large condominiums, and commercial enterprises. According to its official website, the company has a presence in 29 cities across 9 Indian states, with a total project capacity exceeding 150 MW. Sources indicate that SolarSquare has provided clean energy to nearly 50,000 private homes and around 400 residential complexes. Additionally, the startup has deployed rooftop solar systems for major technology companies. In recent years, management has deliberately reduced the share of low-margin industrial projects, focusing on the residential sector, which now generates the majority of the company's revenue. The startup's annual revenue run rate in the residential segment has exceeded 10 billion rupees (approximately $104 million), with a priority target for this year being to increase its portfolio of residential solar installations to 200 MW.