Fresh Funding Powers Expansion and Strengthens Founder Control
Residential rooftop solar startup SolarSquare has nearly doubled its valuation to $470 million after raising $53 million (₹510 crore) in a Series C funding round led by B Capital. Existing investors, including Lightspeed, Lowercarbon, Rainmatter, Good Capital, and Better Capital, also participated in the round, taking the company’s total funding to over $90 million in less than two years.
The latest capital infusion reinforces investor confidence in India’s fast-growing residential solar market while enabling the company to accelerate expansion and strengthen its technology capabilities.
B Capital Leads Strong Investor Participation
According to regulatory filings, SolarSquare issued 11,969 Series C Compulsorily Convertible Preference Shares (CCPS) and one equity share at an issue price of ₹4,26,112 each to raise ₹510 crore.
B Capital emerged as the largest investor with an investment of ₹287.7 crore (around $30 million). Existing investors Lightspeed Venture Partners, Lowercarbon, Good Capital, Mangum LLC, and Rainmatter also increased their exposure, while MS Dhoni, through his family office Midas Deals, participated in the funding round.
The investment nearly doubled SolarSquare’s post-money valuation from around $253 million in its Series B round to approximately $470 million.
Founders Continue to Hold Significant Ownership
Despite raising substantial external capital, SolarSquare’s founders have retained a meaningful stake in the company. Neeraj Jain, Shreya Mishra, and Nikhil Nahar collectively own 27.54% of the business after the latest funding round.
Among institutional investors, Lowercarbon remains the largest external shareholder with a 16.09% stake, followed by Elevation Capital at 15.23%, while Lightspeed holds 9.91%. New investor B Capital has acquired a 6.4% stake, reflecting its confidence in the company’s long-term growth prospects.
Expansion Plans Focus on Technology and New Markets
Founded in 2015, SolarSquare provides end-to-end rooftop solar solutions for homeowners, including consultation, system design, installation, financing assistance, and maintenance.
The company plans to utilise the fresh capital to expand into new cities, strengthen its technology platform, hire additional talent, and scale its home energy solutions. These investments are expected to support faster customer acquisition while improving operational efficiency as residential solar adoption accelerates across India.
Financial Growth Reinforces Clean Energy Opportunity
SolarSquare has also delivered strong financial performance alongside its fundraising momentum. During FY25, the company doubled its operating revenue to ₹355 crore from ₹175 crore in FY24, while reducing its losses by 46% to ₹37 crore.
Operating in a competitive market alongside players such as ZunRoof, Glow, Mysun, Oorjan Cleantech, and Freyr Energy, SolarSquare has emerged as one of India’s fastest-growing climate-tech startups. With a strengthened balance sheet, improving financial performance, and a rapidly expanding rooftop solar market, the company is well positioned to capitalise on India’s clean energy transition.
