SolarSquare Raises $53 Million in Series C Funding for Residential Solar Expansion
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- SolarSquare, an Indian residential rooftop solar company, has secured $53 million in a Series C funding round led by B Capital.
- This investment, the largest in India's solar sector, will fuel expansion into new cities, enhance technology, and scale the company's platform, aiming to build a nationwide home-energy business.
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Residential rooftop solar company SolarSquare has raised $53 million in a Series C funding round led by B Capital, marking what the company described as the largest venture capital investment in India’s solar sector and underscoring growing investor confidence in the country's fast-expanding residential solar market.
Existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter and Good Capital also participated in the round, taking SolarSquare’s total capital raised to more than $100 million.
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The fresh funds will be used to expand into new cities, strengthen technology capabilities, hire talent and scale the company’s residential solar platform as it seeks to build a nationwide home-energy business.
Founded in 2015 by Neeraj Jain, Shreya Mishra and Nikhil Nahar, SolarSquare has emerged as India’s largest residential rooftop solar company, powering around 50,000 homes across the country and currently operating at an annual revenue run rate exceeding ₹1,000 crore.
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The fundraising comes amid rising adoption of rooftop solar in India, supported by increasing electricity tariffs, growing energy demand and the Centre’s PM Surya Ghar Scheme, which has accelerated consumer awareness and adoption of residential solar systems.
“Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar. Today, the category has inflected with one lakh homes adopting solar every 10 days in India,” Shreya Mishra, co-founder and CEO of SolarSquare, said. She added that the company aims to build an integrated home-energy platform spanning solar installations, financing, battery storage, after-sales services and energy management solutions.
SolarSquare operates a vertically integrated model that manages the entire customer lifecycle, including consultation, system design, installation, financing assistance and maintenance. The company said it is the first in India to offer performance guarantees on residential solar systems, providing customers assurance on energy generation and returns on investment.
Karan Mohla, General Partner at B Capital, said India’s energy transition would be driven increasingly by households adopting distributed energy solutions. He said SolarSquare’s category leadership, technology platform and asset-management capabilities positioned it to become a national consumer brand in the energy transition space.
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Investors see significant headroom for growth in the residential solar segment. SolarSquare estimates India has about 70 million viable residential rooftops, while penetration remains below 5%, compared with around 35% in Australia and 15% in Germany.
The funding round also highlights growing investor interest in climate-tech and distributed energy businesses as India seeks to expand renewable energy capacity, reduce dependence on imported fuels and strengthen energy security through decentralised power generation. SolarSquare said it currently manages the country's largest portfolio of residential solar assets and plans to leverage the new capital to consolidate its leadership in the sector.
