SolarSquare, a Mumbai-based residential solar business, closed a $53 million Series C funding round, the largest venture capital investment in India’s residential solar market. B Capital led the investment, while previous investor Lightspeed doubled down on the company. Other prior investors, including Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha, and Good Capital, returned to join in the current round. The latest round brings the company’s total investment to more than $100 million.
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare provides end-to-end rooftop solar solutions for homeowners, covering consultation, system design, installation, financing support, and maintenance. The startup initially catered to B2B clientele but later forayed into the B2C segment in 2021. That pivot toward the consumer segment has proved transformative and the Series C is a direct validation of how much the market has shifted since then.
“SolarSquare has raised $53 million in a Series C funding round led by B Capital, with participation from existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital. The fresh round takes the company’s total funding to more than $100 million.”~Entrackr
Revenue At ₹1,000 Crore, 50,000 Homes Powered:
The financials behind the raise reflect a company that has moved decisively from early-stage experimentation to genuine commercial scale. According to SolarSquare, it has powered more than 50,000 homes across India and is currently operating at an annual revenue run rate of over Rs 1,000 crore. That milestone crossing the ₹1,000 crore revenue run rate places SolarSquare in a small group of Indian climate-tech startups that have demonstrated the ability to build large, recurring, consumer-facing revenue in a sector that was considered niche just five years ago.
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 vertically integrated model where the company controls customer acquisition, system design, financing, installation, and after-sales service has been central to this revenue quality. Unlike fragmented local installers, SolarSquare’s end-to-end ownership of the customer relationship creates recurring touchpoints and significantly reduces the post-installation churn that has plagued other players in the sector.
SolarSquare is the first company in India to give performance guarantees with its solar solutions, providing customers with complete confidence in their solar investments. SolarSquare’s performance guarantee provides homeowners with certainty that their ₹3 to ₹5 lakh investment in rooftop solar will result in the promised savings.
“SolarSquare Bags $53 Mn To Scale Its Rooftop Solar Solutions. Founded in 2015, SolarSquare operates as a full-stack residential solar brand that handles everything from installation to financing. It has raised $100 Mn to date. Having served nearly 50,000 homes, SolarSquare claims to be clocking ₹1,000 Cr in annual revenue run rate.”~Inc42
PM Surya Ghar, Rising Electricity Tariffs, And A 70 Million Rooftop Opportunity:
The macro tailwinds behind SolarSquare’s growth are structural rather than cyclical. The funding comes amid increasing adoption of residential solar, supported by rising electricity tariffs and government initiatives such as the PM Surya Ghar scheme. SolarSquare estimates that India has around 70 million viable residential rooftops, while rooftop solar penetration remains below 5%.
The PM Surya Ghar scheme launched by Prime Minister Narendra Modi in 2024 offers direct subsidies to households installing rooftop solar, dramatically lowering the upfront cost that had been the primary barrier to adoption for middle-income households. The scheme’s impact on consumer awareness and demand has been measurable and meaningful.
India has set a target of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country became the world’s third-largest solar power producer in 2025, trailing only China and the US. Its cumulative installed solar capacity has surged from about 3 GW in 2014 to more than 150 GW in 2026.
Shreya Mishra, co-founder and CEO of SolarSquare, captured the company’s ambition with characteristic directness: “Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar.”
“SolarSquare raises $53M Series C led by B Capital as India’s rooftop solar market draws major VC interest. The round values SolarSquare at between $450M and $500M. India became the world’s third-largest solar power producer in 2025.”~TechCrunch
What The Capital Will Fund: New Cities, Battery Storage, And Home Energy Management
The company said the proceeds will be used to accelerate expansion into new cities, strengthen its technology platform, hire talent, and scale its home energy offerings, including solar installations, financing, battery storage, and energy management solutions.
The use-of-proceeds statement includes battery storage and residential energy management, which is crucial. SolarSquare is not promoting itself solely as a solar panel installation; instead, it is developing a full home energy platform that combines solar generation, storage, and consumption management into a single product offering. That represents a significantly larger market opportunity than rooftop solar alone, and that is where the company’s technical investment will be concentrated in the future years.
SolarSquare competes with players such as ZunRoof, Glow Solar, Mysun, Oorjan Cleantech, and Freyr Energy in the residential rooftop solar segment. But with $100 million in cumulative funding, a ₹1,000 crore revenue run rate, India’s first performance guarantee in the sector, and a team of founders who have been building in this space for over a decade, the competitive gap between SolarSquare and the rest of the field is widening with every quarter. The Series C gives them the resources to press that advantage further.
