SolarSquare, a prominent player in India’s residential solar sector, is reportedly in advanced negotiations to secure between $55 million and $60 million in fresh capital. The Series C funding round is expected to be co-led by B Capital and Lightspeed Venture Partners, potentially pushing the company’s valuation to between $450 million and $500 million. This development signals a significant increase in market confidence, effectively doubling the startup’s valuation in just over a year and a half.

Existing investor Elevation Capital is also anticipated to participate in the financing, which is currently in the final stages of negotiation. Since its inception in 2015, the Mumbai-based company has established itself as a comprehensive platform for residential and commercial solar solutions. By managing the design, installation, and maintenance of rooftop systems, SolarSquare has successfully expanded its footprint across 29 cities, powering approximately 50,000 homes and 400 housing societies.

The company’s growth aligns with India’s ambitious renewable energy goals, which aim for 500 gigawatts of capacity by 2030. As the nation solidifies its position as a global leader in solar production, SolarSquare has shifted its strategic focus toward the residential market, moving away from lower-margin industrial projects. With an annualized revenue run rate now exceeding ₹10 billion, the startup is aggressively scaling its operations to reach a 200-megawatt residential portfolio by the end of the year.