SolarSquar Raises $53 Mn in Series C Round led by B Capital

Existing investors, including Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital, also took part in the funding round.

The company plans to use the new investment to expand its presence in more cities, improve its technology and platform, and hire additional employees to support its growth.

"Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar. At the time, residential solar was still very nascent, with barely 1 lakh homes going solar per year. Today, the category has inflected with 1 lakh homes adopting solar every 10 days in India," said Shreya Mishra, co-founder and CEO of SolarSquare.

Karan Mohla, General Partner at B Capital, said that residential energy adoption in India is likely to grow due to the country’s push toward energy independence.

"SolarSquare combines category leadership, best-in-class unit economics, and a proprietary technology and asset-management layer that compounds with every install. India's drive toward energy independence is a once-in-a-generation tailwind, and we believe SolarSquare is well positioned to become a leading national brand in the category," Mohla said.

"We backed SolarSquare on the belief that trust would decide who wins residential solar in India. Since our Series B, they've proven it through their full-stack model, performance guarantee plans and operating discipline. We remain strong believers and have doubled down in this round," said Rahul Taneja, Partner at Lightspeed India.

Founded in 2015 by Shreya Mishra, Neeraj Jain and Nikhil Nahar, SolarSquare initially focused on serving business customers but expanded into the residential market in 2021. Today, the company provides end-to-end rooftop solar solutions for homeowners, handling everything from system design and installation to financing and maintenance.

With its latest funding round, SolarSquare has now raised more than $100 million in total. The company says it has installed solar systems in around 50,000 homes and is currently operating at an annual revenue run rate of about ₹1,000 crore.

The investment comes as demand for residential solar energy continues to grow in India, driven by rising electricity costs and government initiatives such as the PM Surya Ghar scheme.

According to SolarSquare, India has nearly 70 million residential rooftops suitable for solar panels, but fewer than 5% currently have rooftop solar systems installed, leaving significant room for growth.

Previously, in December 2024, the company raised $40 million in a Series B funding round led by Lightspeed Venture Partners. Other investors included Lightrock, Elevation Capital, Lowercarbon Capital, Rainmatter, and Gruhas Proptech.

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