Mumbai-based SolarSquare Energy, a residential rooftop solar installer, has raised US$50 million to US$55 million in a round led by B Capital.

Existing investors Lightspeed Venture Partners and Elevation Capital also participated.

The round values the company at US$450 million to US$500 million, amid rising investor interest in India’s rooftop solar market.

The valuation is up from about US$200 million after SolarSquare’s US$40 million series B in December 2024, Lightspeed led that round.

SolarSquare’s annualised revenue run rate was about 8 billion rupees (US$83.6 million) to 10 billion rupees (US$104 million).

SolarSquare reported operating revenue of 3.6 billion rupees (US$37.1 million) in fiscal 2025.

It was loss-making in fiscal 2024, when net loss reached 690 million rupees (US$7.21 million) on 1.8 billion rupees (US$18.3 million) of operating revenue.

The fundraise comes as India had 16.3 gigawatts of rooftop solar installed by January 2025.

The PM Surya Ghar Muft Bijli Yojana had installed 2.62 million residential systems by March 19, 2026, toward a 10 million-household target, though the rollout still depends on state-level rules.

🔗 Source: The Economic Times