SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest
Key takeaways
- 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.
- 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.
Solar Square, an Indian rooftop solar startup that helps households and housing societies adopt solar power, is in advanced talks to raise fresh capital after securing India s largest solar venture investment in December 2024, Tech Crunch has learned.
B Capital and Lightspeed Venture Partners are set to co-lead the Series C round, which could value Solar Square 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.