India's SolarSquare is raising $60M at a $500M valuation. It has powered 50,000 homes.

SolarSquare is in advanced talks to raise $55 million to $60 million in a Series C round at a valuation between $450 million and $500 million. B Capital and Lightspeed Venture Partners are expected to co-lead the round, with Lightspeed investing through its growth fund and existing investor Elevation Capital also expected to participate. The financing has not closed and terms could change. SolarSquare has raised $61.1 million in equity to date and is expected to close the round next month. Founded in 2015 and headquartered in Mumbai, the company designs, installs, and maintains rooftop solar systems across multiple Indian cities. It has installed over 150 MW, powered nearly 50,000 homes, and serves enterprise clients including Swiggy, Zepto, and iD Fresh Food. Annualised revenue run rate has crossed ₹10 billion (about $104 million), and the company aims to reach 200 MW in its residential portfolio this year.

"SolarSquare is in advanced talks to raise $55 million to $60 million at a valuation between $450 million and $500 million, TechCrunch reports. B Capital and Lightspeed Venture Partners are set to co-lead the Series C round. The deal would more than double SolarSquare's valuation from 18 months ago. Lightspeed led the company's $40 million Series B at roughly $200 million post-money in December 2024. This time, it is investing through its growth fund, which has backed Razorpay and Zepto."

"The financing has not yet closed and terms could still change. SolarSquare has raised $61.1 million in equity to date. The round is expected to close next month. Mumbai-headquartered SolarSquare was founded in 2015. It designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises. It has installed more than 150 megawatts of capacity across 29 cities in nine states."

"The company has powered nearly 50,000 homes and roughly 400 housing societies. Enterprise clients include Swiggy, Zepto, and iD Fresh Food. Residential customers and housing societies now account for the majority of the business after the company scaled back lower-margin industrial projects. SolarSquare has crossed an annualised revenue run rate of more than ₹10 billion (approximately $104 million). It aims to reach 200 megawatts in its residential solar portfolio this year."

"The growth trajectory is being driven by India's fragmented rooftop solar market, which remains dominated by small local installers. India became the world's third-largest solar power producer in 2025, behind only China and the US. Its cumulative installed solar capacity surged from about 3 GW in 2014 to more than 150 GW in 2026. The government has set a target of 500 GW of renewable energy capac"

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