SolarSquare nears $60 million Series C, could hit $500 million valuation
SolarSquare is close to a $60 million Series C at a possible $500 million valuation as India’s rooftop solar subsidies drive household demand.
SolarSquare is nearing a Series C financing of $55 million to $60 million that could value the rooftop solar installer at as much as $500 million, a sign that investors are betting India’s home solar market is finally scaling beyond early adopters. The round is expected to be led by B Capital and Lightspeed Venture Partners, as the company positions itself around a growing demand for systems that bundle design, installation, financing and after-sales service for households, housing societies and commercial buildings.
Founded in 2015, SolarSquare began as a commercial rooftop solar provider before moving into residential solar in 2020. That shift has become central to its pitch. SolarSquare now sells not only panels and installation but also financing, servicing, post-installation performance assurance and remote diagnostics, features that matter in a market where households still weigh upfront costs, operating reliability and the risk of a system underperforming after the sale. In December 2024, SolarSquare raised $40 million in Series B funding, a round led by Lightspeed and backed by Lightrock, Elevation Capital, Lowercarbon Capital, Rainmatter Capital and Gruhas Proptech.
The company’s fundraising comes as India’s rooftop solar market gets a policy lift from PM Surya Ghar: Muft Bijli Yojana, which offers subsidies of up to 40% for household rooftop solar and aims to solarise one crore households by March 2027. The Ministry of New and Renewable Energy said 9.56 GW of rooftop solar capacity had been added under the scheme by March 25, 2026, while India’s total grid-connected rooftop solar capacity stood at 26.75 GW. Government material describes the program as the world’s largest domestic rooftop solar initiative, and the Economic Times has reported that more than 2.8 million households have already been solarised under it, with subsidies exceeding Rs 16,000 crore.
For households, the economics are improving, but unevenly. SolarSquare chief executive and co-founder Shreya Mishra has said the scheme has eased financing and improved transparency, and that rooftop solar adoption has increased by 250%. Yet an industry view cited by BusinessWorld says fragmented state-level permits are still slowing installations, even as demand rises. The Centre for Financial Accountability has argued that the scheme has largely benefited relatively affluent households rather than low-income families, underscoring how access to capital and paperwork still shape who gets solar first.
That tension helps explain why venture investors are returning to the sector now. India has set a 2030 goal of 500 GW of renewable and non-fossil capacity, and rooftop solar sits at the intersection of climate policy, household savings and grid decentralization. For installers like SolarSquare, the next phase is no longer about proving rooftop solar works. It is about proving it can become a mass-market business.
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