India-based rooftop solar system provider SolarSquare announced today that it has raised $53 million in a Series C funding round, with proceeds from the financing to be used to expand its platform to new cities and deepen its technology capabilities.
The company said that the raise marks the largest venture investment in India’s solar sector, reflecting growing investor confidence in the country’s rapidly expanding rooftop solar market.
Founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra, SolarSquare provides end-to-end solar rooftop solutions, including design and installation to financing and maintenance. The company said it has grown into India’s largest residential rooftop solar brand, having powered ~50,000 homes across the country and currently run-rating over 1000 Cr (USD$105 million) in revenues.
The company said that rising residential electricity consumption, increasing power tariffs, energy security concerns, and grid infrastructure challenges are driving demand for decentralized energy solutions in India. While the country has an estimated 70 million viable residential rooftops, residential solar penetration remains below 5%, compared to approximately 35% in Australia and 15% in Germany.
SolarSquare operates as a vertically integrated home energy platform, managing the entire customer journey from consultation and system design to installation, financing assistance, and long-term maintenance.
The company said that the new capital would be used to accelerate geographic expansion into new cities, deepen SolarSquare’s technology capabilities, expand its workforce and scale its platform.
According to SolarSquare, the latest financing highlights the transformation of residential solar in India from a niche and underfunded segment into an increasingly mainstream consumer category.
Shreya Mishra, Co-Founder & CEO, SolarSquare said:
“Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar. At the time, residential solar was still very nascent, with barely 1 Lac homes going solar per year. Today, the category has inflected with 1 Lac homes adopting solar every 10 days in India. And we want to build the operating system for this energy transition in India – with solar installation solutions, after-sales, financing, battery solutions, home energy management. This capital will allow us to accelerate that vision.”
The funding round was led by B Capital with existing investor Lightspeed doubling down on the company, alongside other existing investors Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital.
Karan Mohla, General Partner at B Capital, said:
“India’s drive toward energy independence is a once-in-a-generation tailwind, and we believe SolarSquare is best positioned to become the national brand symbolic of that transition – and a generational Indian company.”
