SolarSquare, a Mumbai-based startup, is making big moves in India’s rooftop solar market. The company is close to raising $60 million in a new funding round. This round could value the company at nearly half a billion dollars.

The startup began in 2015. Since then, it has installed over 150 megawatts of solar across 29 cities in nine states. Its solar systems now power almost 50,000 homes and about 400 housing societies. These housing societies are common in urban India, often apartment complexes or gated communities.

SolarSquare focuses on residential solar projects. It designs, installs, and maintains rooftop solar panels for homes and housing societies. The company also serves some large enterprises, like Swiggy and Zepto. But it has shifted away from industrial projects. Residential customers now make up most of its business.

Backing Big Ambitions in a Growing Market

Investors are betting big on SolarSquare. B Capital and Lightspeed Venture Partners are set to co-lead the Series C funding round. This round could bring in $55 to $60 million. It would more than double SolarSquare’s valuation from 18 months ago.

Lightspeed led the company’s $40 million Series B round in late 2024, when the valuation was about $200 million. This time, Lightspeed is investing through its growth fund, which has backed other fast-growing Indian startups like Razorpay and Zepto. Existing investor Elevation Capital is also expected to join this round.

SolarSquare has raised over $61 million so far. The new capital will help the startup expand its footprint and scale its operations. The company aims to increase its residential solar portfolio to 200 megawatts this year.

India’s Solar Revolution and What It Means

India is rapidly growing as a global solar power leader. In 2025, it became the third-largest solar producer, after China and the U.S. The country’s solar capacity jumped from about 3 gigawatts in 2014 to over 150 gigawatts in 2026.

The government has set a massive target: 500 gigawatts of renewable energy by 2030. Solar power is expected to make up more than half of that. Subsidies and incentive programs, like the PM Surya Ghar Muft Bijli Yojana scheme, help households cover up to 60% of rooftop solar installation costs. This boosts demand, especially in cities and semi-urban areas.

Despite the market’s size, rooftop solar remains fragmented. Many small local installers dominate the space. Big component manufacturers like Tata Power and Waaree Energies operate through local dealer networks. SolarSquare’s edge is its full-stack approach. It handles everything from design to installation to maintenance. This creates stronger customer relationships, even if it’s tougher to scale than dealer models.

SolarSquare’s success shows rooftop solar can work well at consumer scale in India. It also highlights a growing trend for clean, affordable energy in households. This is crucial for India’s digital economy, which depends on reliable power. Without affordable solar energy, many other technologies and services can’t thrive.

As SolarSquare closes this funding round, it will be one of the largest venture deals in India’s clean energy sector this year. The company’s growth underlines the rising investor interest in residential solar and India’s green energy future.