SolarSquare in talks to raise up to $60M as India's rooftop solar market draws major VC interest | TechCrunch

SolarSquare, an Indian rooftop solar startup, is in advanced talks to raise fresh capital after securing a major investment in December 2024. B Capital and Lightspeed Venture Partners are expected to co-lead a Series C round that could value the company at $450 million to $500 million and raise $55 million to $60 million. The round would more than double SolarSquare’s valuation in about 18 months, reflecting growing investor confidence in India’s residential solar market. Lightspeed previously led a $40 million Series B round at around a $200 million post-money valuation. Elevation Capital is expected to participate, and the deal is expected to close next month, though terms may change. SolarSquare has raised $61.1 million in equity financing to date.

"B Capital and Lightspeed Venture Partners are set to co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and bring in $55 million to $60 million in new investment, according to multiple people familiar with the matter. That would represent more than a doubling of SolarSquare's valuation in roughly 18 months - a sign of how rapidly investor conviction is building around India's residential solar market."

"Lightspeed Venture Partners previously led SolarSquare's $40 million Series B round at around a $200 million post-money valuation in December 2024. This time, according to a source, it's investing through its growth fund, which has backed names such as Razorpay - India's leading digital payments platform - and Zepto, the fast-delivery startup."

"Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and is expected to close next month. The terms could still change as the financing has not yet been finalized. SolarSquare has raised $61.1 million in equity financing to date, per the startup data platform Tracxn."

"India has set a target of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country became the world's third-largest solar power producer in 2025, trailing only China and the U.S. Its cumulative installed solar capacity has surged from about 3 GW in 2014 to more than 150 GW in 2026, aided partly by government incentives and subsidy schemes aimed at accelerating rooftop solar adoption."

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