SolarSquare Raises $53 Million in India's Largest Residential Solar Venture Round
India-based rooftop solar provider SolarSquare announced a $53 million Series C funding round, the largest venture investment in India's solar sector, to expand its platform to new cities and deepen technology capabilities. The company operates as India's largest residential rooftop solar brand, having powered approximately 50,000 homes and running revenues of over 1,000 crore (USD $105 million).
SolarSquare was founded in 2015 by Neeraj Jain, Nikhil Nahar and Shreya Mishra, providing end-to-end rooftop solar solutions from design and installation to financing and maintenance. India has an estimated 70 million viable residential rooftops, but residential solar penetration remains below 5%, compared to approximately 35% in Australia and 15% in Germany. Rising electricity tariffs, energy security concerns and grid infrastructure challenges are driving increasing consumer demand for decentralized solar solutions.
The residential solar market in India has accelerated dramatically, moving from approximately 1 lakh homes adopting solar per year five years ago to 1 lakh homes every 10 days currently, according to co-founder Shreya Mishra. SolarSquare operates as a vertically integrated platform managing consultation, system design, installation, financing assistance and long-term maintenance. The company said the funding will be used to expand geographically to new cities, deepen technology capabilities and scale the workforce.
The round was led by B Capital, with existing investor Lightspeed doubling its position and continued support from Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha and Good Capital. Karan Mohla of B Capital described India's drive toward energy independence as a once-in-a-generation tailwind and SolarSquare as positioned to become the national brand for the energy transition. The funding reflects growing institutional conviction in India's residential solar segment as a mainstream consumer category with significant unmet demand.
Key figure — $53 million Series C, described as the largest venture investment in India's solar sector
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