SolarSquare, a residential rooftop solar company based in Mumbai, raised $53m in a Series C round announced on 16 June 2026. B Capital led. Existing investor Lightspeed increased its investment, and Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital also took part.
pv magazine India described the round as the largest venture investment in India's solar sector. The company did not disclose a valuation. With this round, the total capital it has raised passes $100m, the company said.
What SolarSquare does
SolarSquare was founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra. It sells and installs rooftop solar systems for Indian homes and runs what it calls a full-stack home energy platform: consultation, system design, installation, financing support and long-term maintenance.
The company says it has powered about 50,000 homes and has an annual revenue run rate above ₹1,000 crore, which Mercom India converts to about $114m. It also says it was the first in India to offer customers a performance guarantee. Those figures are the company's own.
Rooftop solar needs an up-front outlay that pv magazine India, quoting the company, put at ₹2-4 lakh for a typical urban household. That cost is a reason the company talks about financing as part of its offer.
pv magazine India and Mercom India agree on the round size, the lead investor and the list of participants, and both put total funding above $100m. Mercom puts the round at about ₹5.02bn and the total raised at about ₹9.46bn.
Mercom India quotes the company's revenue run rate at more than ₹10bn, roughly $114m at its conversion, and says SolarSquare offers performance guarantees on its residential systems. It paraphrases co-founder and chief executive Shreya Mishra on the plans for financing, battery storage and home energy management.
What the money is for
SolarSquare said it will use the funds to enter new cities, strengthen its technology platform, hire, and scale its residential solar business. Mercom India adds that it plans to move beyond installations into financing, battery storage and home energy management.
Mercom reports the company is present in Bengaluru, Delhi and Hyderabad, as well as in Gujarat, Madhya Pradesh and Maharashtra. Neither report gives a headcount.
The funding so far
The previous round was a $40m Series B in December 2024, which Mercom India says helped the company grow from 20 cities to more than 50. Counting this round, SolarSquare has raised more than $100m, according to the company.
Mercom reports that the $53m is about ₹502 crore, or ₹5.02bn.
A growing market
SolarSquare sells to homeowners who have to be persuaded that a large up-front cost pays back. Its performance guarantee and its planned financing products speak to that hesitation.
The investor list mixes growth investors such as B Capital with climate-focused funds such as Lowercarbon Capital.
Company website: solarsquare.in