SolarSquare Secures $40 Million in Series B Funding, Largest Venture Capital Raise in Indian Solar Sector

SolarSquare Secures $40M Series

Mumbai-based SolarSquare, India’s leading residential solar startup, has raised $40 million in its Series B funding round, marking the largest venture capital investment in the Indian solar industry. The round was led by Lightspeed, with participation from Lightrock. Existing investors, including Elevation Capital, Chris Sacca’s Lowercarbon, Nithin Kamath’s Rainmatter, and Gruhas Proptech, also contributed to the funding.

SolarSquare is a full-stack residential solar brand that streamlines the solar installation process by eliminating intermediaries, ensuring high-quality, safe installations, and providing a seamless customer experience. The company manages everything from design and installation to government permits, financing, and post-sales maintenance for its customers.

Since its launch, SolarSquare has successfully serviced over 20,000 homes and more than 200 cooperative housing societies across India. With a strong focus on post-sales solar maintenance, SolarSquare has become the largest operator of distributed solar assets in the country. The company plans to invest significantly in developing a state-of-the-art asset management tech stack for the remote monitoring and diagnostics of residential solar systems.

Shreya Mishra, CEO of SolarSquare, stated, “Only 1% of homes in India have adopted solar so far, and we aim to accelerate adoption by making it easier for families to switch to solar. We’re the first company in India to offer rooftop solar with a guarantee of savings, taking responsibility for both installation and the ongoing performance of the solar systems.”

The $40 million funding will fuel SolarSquare’s expansion plans, including increasing its operational footprint from 20 cities to more than 50. The company also intends to invest heavily in technology, talent acquisition, and brand development.

Rahul Taneja, Partner at Lightspeed, commented, “SolarSquare has rapidly become India’s most trusted residential solar brand. The shift to clean energy is no longer just a corporate goal, but a consumer-driven movement, and SolarSquare is at the forefront of making solar power a reality in homes across India.”

Kushal Agrawal, Partner at Lightrock, added, “SolarSquare is uniquely positioned to address the challenges of last-mile adoption in the residential solar market. By combining innovation, flawless execution, and cutting-edge technology, SolarSquare is set to transform the energy landscape in India.”

Dinesh Pai, heading investments at Rainmatter, said, “The climate challenge is urgent, and solar energy offers a straightforward solution for households. We’re backing SolarSquare’s mission to make solar installations more affordable and accessible for every home.”

Prior to this round, SolarSquare had raised $19.5 million across three funding rounds. The company counts several marquee angel investors, including Vidit Atrey and Sanjeev Barnwal of Meesho, Amit Agrawal, Saurabh Garg, and Akhil Gupta of NoBroker, Ashish Goyal of UrbanLadder, Vijay Shekhar Sharma of Paytm, and others. Elluminate Capital acted as the exclusive financial advisor for the transaction.

With this funding, SolarSquare is well-positioned to continue driving the adoption of solar energy and creating sustainable energy solutions for households across India