SolarSquare, a residential rooftop solar startup in India, has announced raising $53 million in a Series C funding round anchored by US- and Singapore-based venture capital firm B Capital.
Existing backers LightSpeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha, and Good Capital also participated in the funding round, the company said.
The round takes SolarSquare’s total funding to date to more than $100 million.
Founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra, SolarSquare installs rooftop solar systems for homeowners and manages the process from design and financing to installation and maintenance.
The fresh capital will be used to expand into new cities, invest in technology and grow its workforce, according to the company.
“Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar,” said Shreya Mishra, co-founder and CEO of SolarSquare. “Today, the category has inflected with 1 lakh homes adopting solar every 10 days in India.”
SolarSquare said it has powered more than 50,000 homes across India and is currently generating annual revenue exceeding 10 billion rupees ($117 million).
The investment comes as India’s residential solar sector gains momentum, helped by rising power tariffs and government efforts to encourage rooftop solar adoption.
Prime Minister Narendra Modi’s PM Surya Ghar programme, launched in 2024, offers subsidies to households installing rooftop solar systems.
Unlike many rooftop installers that operate as local contractors, SolarSquare said it runs a vertically integrated model, handling customer acquisition, financing support, installation, and after-sales service.
“India’s energy transition will not be won on the grid alone — it will be won home by home, city by city,” said Karan Mohla, general partner at B Capital.
He said SolarSquare combines category leadership, unit economics, and a technology platform that scales with each installation.
In 2024, SolarSquare announced raising $40 million in its Series B funding round led by venture capital firm Lightspeed. It had also raised $19.5 million across three rounds of funding before the Series B round.
Other solar companies in India that have recently secured funding include Grew Solar, an Ahmedabad-based renewable energy venture of Chiripal Group, which raised nearly $34 million in September.
Candi Solar, a solar power solution provider for commercial and industrial clients, also secured $58.5 million in debt funding led by the International Finance Corporation in November.
