SolarSquare in talks to raise up to $60 million Series C at as much as $500 million valuation

India’s residential rooftop solar startup SolarSquare is in advanced talks to raise a Series C funding round that could bring in $55 million to $60 million and value the company at about $450 million to $500 million, according to a report by TechCrunch. B Capital and Lightspeed Venture Partners are expected to co-lead the financing, with Elevation Capital also anticipated to participate. The deal is said to be at an advanced stage and could close next month, though the terms may still change.

Lightspeed previously led SolarSquare’s $40 million Series B round in December 2024 at around a $200 million post-money valuation, and is investing in the new round through its growth fund, a source told TechCrunch. SolarSquare has raised $61.1 million in equity financing to date, according to data from Tracxn. SolarSquare declined to comment on the fundraising, while B Capital, Lightspeed and Elevation did not respond to requests for comment.

Founded in 2015, Mumbai-based SolarSquare positions itself as a full-stack platform in a fragmented rooftop solar market that is largely served by local installers and dealer networks tied to component manufacturers. The company designs, installs and maintains rooftop solar systems for homes, housing societies and enterprises. It says it has installed more than 150 MW of solar capacity and operates across 29 cities in nine states.

A source cited in the report said SolarSquare has powered nearly 50,000 homes and around 400 housing societies, and has deployed rooftop systems for enterprise customers including Swiggy, Zepto and iD Fresh Food. The company’s residential customers and housing societies now account for a majority of its business after it scaled back lower-margin industrial rooftop solar projects in recent years. SolarSquare has crossed an annualized revenue run rate of more than ₹10 billion (about $104 million) across homes and housing societies, according to the source, and is aiming to reach 200 MW in its residential solar portfolio this year.

The fundraising talks come as investor interest builds around India’s residential solar sector, which has been supported by government incentives and subsidy schemes to accelerate rooftop adoption. India has set a target of reaching 500 GW of renewable energy capacity by 2030, with solar expected to contribute more than half. The country became the world’s third-largest solar power producer in 2025 behind China and the United States, and its cumulative installed solar capacity has expanded from about 3 GW in 2014 to more than 150 GW in 2026.