Rooftop Solar Startup SolarSquare Secures Series C Funding

Mumbai-based rooftop solar startup SolarSquare has secured $53 million in Series C funding led by B Capital, with participation from existing investors Lightspeed, Rainmatter, Good Capital and Lowercarbon Capital.

Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Mishra, SolarSquare pivoted from B2B solar solutions to a full-stack, direct-to-consumer model in 2020, making rooftop solar adoption easier and more accessible.

The startup offers end-to-end solutions, including design, installation, financing, and after-sales maintenance for homes, housing societies, and commercial establishments.

SolarSquare is democratizing rooftop solar by simplifying adoption through standard pricing, quick installations, and built-in financing options. It also offers a reliable, tech-enabled alternative in a fragmented market dominated by small local installers. 

The rooftop solar company has solarised nearly 50,000 homes and around 400 housing societies across more than two dozen cities in nine states, installing over 150 megawatts of solar capacity.

Residential customers now account for the majority of its business, with the company crossing an annualised revenue run rate of ₹10 billion (approximately $104 million). 

In December 2024, the company raised $40 million in Series B funding led by Lightspeed Venture Partners, marking India’s biggest solar venture investment to date.

With only 1% of Indian homes having adopted solar so far, SolarSquare is uniquely positioned to lead India’s residential clean energy transition.

The latest funding will fuel expansion into more Indian cities, enhance its tech platform, and boost workforce capabilities.

As India aims for its ambitious goal of 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute over half, the startup can play a significant role.

Furthermore, SolarSquare’s growth strongly aligns with the government’s solar rooftop scheme, as its model provides a pathway to mainstreaming solar energy for Indian households, directly contributing to the country’s climate and energy goals.

Rooftop solar startup SolarSquare was featured on the Change Started annual list of 11 Green Startups of the Year 2022.

Want to know the benefits of rooftop solar? Read here.