SolarSquare raises $53M to expand residential solar footprint across India

SolarSquare, a Mumbai-based residential rooftop solar company, has raised $53 million in a Series C funding round led by B Capital, a global investment firm focused on technology, climate and growth-stage businesses.

Existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital also participated in the round, taking SolarSquare’s total funding to more than $100 million.

The company plans to use the fresh capital to expand into new cities, strengthen its technology platform, hire talent, and scale its operations as it seeks to become a leading home-energy brand in India.

Founded in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Mishra, SolarSquare provides end-to-end rooftop solar solutions for households. The company manages the entire process, including consultation, system design, installation, financing assistance and long-term maintenance.

SolarSquare claims it has powered around 50,000 homes across India and currently has an annual revenue run rate of more than Rs 1,000 crore.

The funding comes at a time when India’s residential solar market is gaining momentum. Government initiatives such as the PM Surya Ghar Muft Bijli Yojana, which offers subsidies for rooftop solar installations, have accelerated consumer adoption and increased awareness of solar energy among households.

SolarSquare’s co-founder and chief executive officer Shreya Mishra said the company’s early belief in the sector is now being validated by market growth.

“Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar,” she said, adding that residential solar adoption has accelerated dramatically and that the company aims to build the “operating system” for India’s energy transition through solar installations, financing, battery storage and home-energy management solutions.

A key differentiator for SolarSquare is its vertically integrated model. Rooftop solar systems typically require an investment of Rs 2 lakh to Rs 4 lakh for an urban household. It claims to be the first company in India’s residential solar segment to offer performance guarantees, assuring customers of the output and returns from their systems.

Lightspeed Partner Rahul Taneja said the firm originally invested because it believed “trust would decide who wins residential solar in India”. He noted that SolarSquare had strengthened that position through its full-stack model, performance guarantees and operational discipline.

The investment also highlights growing investor interest in climate-tech and clean-energy businesses. Recent deals in the broader sector include EV charging startup Exponent Energy raising Rs 200 crore to expand its charging network.

India remains one of the world’s most promising rooftop solar markets. According to SolarSquare, India has around 70 million viable residential rooftops, while household solar penetration remains below 5%. By comparison, penetration is around 35% in Australia and 15% in Germany.

B Capital sees SolarSquare as well positioned to benefit from long-term structural changes in India’s energy market. Karan Mohla, General Partner at B Capital, said India’s energy transition would be won “home by home, city by city”. He highlighted the company’s category leadership, technology platform and future opportunities in financing and battery storage.