SolarSquare has successfully secured $53 million in its Series C funding round, representing the largest venture investment within India's residential solar sector to date. According to reports from Fortune India, the financing round was led by B Capital, a US- and Singapore-based venture capital firm focused on technology, climate and growth-stage businesses. The latest funding round values the company at an estimated $450-500 million, marking a significant milestone in SolarSquare's growth trajectory. With this latest investment, SolarSquare's total funding has crossed the $100 million mark, strengthening its position in the rapidly growing residential rooftop solar market. The investment comes as more and more households are going solar, with government schemes like PM Surya Ghar and a rise in electricity tariffs helping the trend gain momentum.
The company intends to deploy this fresh injection of capital to aggressively accelerate its geographic expansion into 30-40 new cities across the country. As reported by Fortune India, SolarSquare plans to deepen its proprietary technology and operations platform, recruit top-tier talent, and scale its capabilities across future growth areas such as battery solutions and home energy management. The funds will help the platform build out a comprehensive digital operating system for India's domestic energy transition, including solar installations, financing products, battery storage systems, and energy management solutions designed for residential consumers. Karan Mohla, General Partner at B Capital, who leads the South and Southeast Asia team for the US-based fund, will join SolarSquare's board following the funding round. According to Mohla, B Capital's research has supported its bullish view on residential energy across markets for years, with India's focus on energy independence creating a once-in-a-generation opportunity in the sector.
According to Shreya Mishra, Co-Founder & CEO of SolarSquare, as reported by Fortune India, residential solar was still very nascent five years ago, but today the category has inflected with 1 lakh homes adopting solar every 10 days in India. The leadership team emphasized their goal to build the operating system for this energy transition, encompassing installation solutions, after-sales, financing, battery solutions, and home energy management. Mishra noted that this round of funding is to take the company to the next orbit of growth, with plans to hire extensively across technology and product teams while investing in branding as key focus areas. SolarSquare estimates that India has approximately 70 million residential rooftops that are technically suitable for solar installations, yet rooftop solar penetration remains below 5%. This compares with around 35% in Australia and 15% in Germany, indicating significant growth potential in India's residential solar market.
Established in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Mishra, SolarSquare has scaled to become India's top residential rooftop solar brand, currently operating with 25 cities and plans to expand to 30-40 additional cities. As reported by Fortune India, the Mumbai-headquartered company has crossed ₹1,000 crore in annual revenue, growing by more than 100% year-on-year. The company manages the entire consumer lifecycle from consultation and custom system design to financing support and long-term maintenance, currently working with multiple manufacturers for procurement, with Hyderabad-headquartered Premier Energies being its largest sourcing partner for solar cells and panels. To date, the company has powered approximately 50,000 homes, distinguishing itself as the first player in the Indian market to provide institutional performance guarantees on domestic solar investments. More than 90-92% of its revenue comes from the sale and installation of solar panels, while the remaining 8-10% comes from long-term after-sales service contracts.
The latest funding round arrives amid strong momentum in India's residential solar sector, with rising electricity costs and supportive government initiatives encouraging more homeowners to explore solar energy. According to SolarSquare, India has approximately 70 million residential rooftops that are technically suitable for solar installations, yet rooftop solar penetration remains below 5%. The PM Surya Ghar Muft Bijli Yojana, which offers subsidies for rooftop solar installations, has accelerated consumer adoption and increased awareness of solar energy among households. The investment follows SolarSquare's previous funding round in December 2024, when the company raised $40 million in a Series B round led by Lightspeed, demonstrating continued investor confidence in the company's business model and the broader growth prospects of India's residential clean energy market. As reported by Fortune India, investors see significant headroom for growth in the residential solar segment, with the fundraising coming amid rising adoption of rooftop solar in India, supported by increasing electricity tariffs, growing energy demand and the Centre's PM Surya Ghar Scheme.
