Mumbai-based rooftop solar startup SolarSquare Energy has raised $50-55 million in a new funding round led by B Capital. The round valued the company at $450-500 million, a jump of almost 2.5 times from its last valuation, people aware of the matter said. The fundraise comes at a time when venture investors have been stepping up bets on India’s residential solar market.
Existing investors Lightspeed Venture Partners and Elevation Capital also participated in the round, the people said. The company is currently clocking an annualised revenue run rate of about Rs 800-1,000 crore, they added.
In fiscal year 2025, SolarSquare reported an operating revenue of Rs 355 crore, double the previous year’s intake.
The latest round comes about 18 months after SolarSquare raised $40 million in a funding round led by Lightspeed. That round had also seen participation from Lightrock, Elevation Capital, Lowercarbon, Rainmatter and Gruhas Proptech.
At the time, the company had said it would use the capital to expand to 50 cities in India over two years, build its technology stack, hire talent, and invest in brand-building.
SolarSquare, B Capital, Lightspeed and Elevation Capital did not respond to queries sent by ET.
What SolarSquare does
Founded in 2015 by Shreya Mishra, Neeraj Jain and Nikhil Nahar, SolarSquare started as a business-to-business solar company before pivoting to residential rooftop solar in 2021.
The company designs, installs, and maintains rooftop solar systems for homes and housing societies. It also helps consumers with permits and financing through third-party lenders.
The new funding underscores the growing investor appetite for full-stack rooftop solar platforms, as the government’s push around household solar adoption begins to expand the addressable market.
Under the PM Surya Ghar Muft Bijli Yojana, the government is targeting rooftop solar installations in one crore households by March 2027, with subsidies of up to Rs 78,000 for consumers and an outlay of Rs 75,021 crore.
Rooftop solar installations under the scheme had crossed 25 lakh households as of December 2025, according to government data reported by ET.
The opportunity
For venture investors, the opportunity is in organising a market that has so far been dominated by local installers, fragmented dealer networks and uneven after-sales service.
Startups such as SolarSquare are trying to build consumer-facing brands around installation quality, financing support, monitoring and maintenance. The company competes with the likes of Zunroof, Mysun and Adani Solar.
SolarSquare’s latest round also comes at a time when climate-tech funding in India has remained selective, with investors backing companies that tap into policy tailwinds with visible revenue scale.
