SolarSquare, a rooftop solar solutions startup, has raised $53 million (about ₹510 crore) in its Series Cr funding round led by Lightspeed, with participation from Elevation Capital, Lowercarbon Capital, Rainmatter, and Good Capital, according to inc42.com. The startup plans to use the funds to expand into new cities, enhance technology, scale its platform, and increase hiring.
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare initially served B2B clients before entering the B2C market in 2021. It operates as a full-stack residential solar brand managing design, installation, financing, and maintenance. CEO Shreya Mishra said the capital will accelerate building an operating system for India’s energy transition, covering solar installation, after-sales, financing, battery solutions, and home energy management.
The funding round adds to SolarSquare’s total capital raised of over $100 million. The startup has served nearly 50,000 homes and currently reports an annual revenue run rate of ₹1,000 crore. This fundraise aligns with the growing rooftop solar market in India, which is gaining momentum due to government cleantech initiatives such as the PM’s push for renewable energy adoption.
SolarSquare’s latest funding round underscores the rising demand for residential solar solutions in India, where 100,000 homes adopt solar every 10 days, the CEO noted. The company aims to leverage this momentum to expand its footprint and technology capabilities in the rapidly growing rooftop solar sector.