It is not just the big utility companies buying sun anymore.
SolarSquare is talking up a new funding round. The target? Between $55 million and $60 million. If they close, it values the company anywhere from $450 million to $500 million. That is a massive jump. Roughly double what investors thought they were worth just 18 months ago.
Who is paying? B Capital and Lightspeed Venture Partners. Lightspeed is using its growth fund—the same pocket of money that backed Razorpay and Zepto. They already led the Series B last December, throwing $40 million at the table for a ~$200 million valuation. Now they are coming back with more friends. Elevation Capital is also likely joining the party. The deal isn’t signed yet. Could change. Might close next month though.
So far, SolarSquare has pulled in $61.1 million total, per Tracxn. But the appetite for rooftop solar in India is insatiable right now.
Why the rush?
India wants 500 GW of renewable energy by 2030. Solar does the heavy lifting there—more than half. In 2025 they became the world’s third-largest producer. Just behind China and the U.S. Think about that scale. Installed capacity jumped from ~3 GW in 20114 to over 150 GW by 2026. Government subsidies helped. But the real story is the rooftop.
Mumbai-based SolarSquare, founded in 2019, is fighting a fragmented market. Local installers everywhere. Dealer networks tied to giants like Tata Power and Waaree Energies. It’s messy. SolarSquare tries to clean it up. They design. Install. Maintain. They’ve put 150 MW of solar into 29 cities across nine states.
Who are they serving? Mostly homes now. Nearly 50,00 of them. Around 400 apartment complexes too. Yes, they’ve wired up Swiggy and Zepto, but the residential side is the money maker. The industrial stuff? Lower margins. Scaling back that part of the business makes sense.
Revenue run rate is crossing ₹10 billion (roughly $104 million ) from homes and societies combined.
The goal is 200 MW in their residential portfolio this year. Aggressive? Maybe. Possible? Looks like it.
None of them want to comment though. SolarSquare stayed silent. B Capital didn’t respond. Lightspeed ghosted. Elevation Capital? Same.
Maybe they know something. Or maybe they’re just busy signing the papers. Either way, the sun is shining on these portfolios. 📈☀️
