B Capital leads SolarSquare's $55M Series D at $500M valuation
What's the deal? Mumbai-based rooftop solar startup SolarSquare Energy has raised $55 million in a Series D round led by B Capital, valuing the company at $500 million. Existing investors Lightspeed Venture Partners and Elevation CapitalDealroom has a profile for this one. Try Dealroom → also participated.
Founded in 2015 by Shreya MishraDealroom has a profile for this one. Try Dealroom →, Neeraj Jain, and Nikhil Nahar, SolarSquare designs, installs, and maintains rooftop solar systems for homes and housing societies. It also helps consumers with permits and financing through third-party lenders.
The $500 million valuation represents a roughly 2.5x jump from its previous round — a $40 million raise led by Lightspeed in late 2024.
Why now? India's residential solar market is expanding fast, driven by government subsidies and rising electricity costs. Under the PM Surya Ghar Muft Bijli Yojana scheme, the government is targeting rooftop solar installations in 10 million households by March 2027, backed by an outlay of roughly $9 billion.
As of December 2025, installations under the scheme had crossed 2.5 million households. SolarSquare is riding this wave — it reported operating revenue of roughly $42 million in fiscal year 2025, double the previous year, and is now clocking an annualised revenue run rate of $95–120 million.
What could go wrong? The rooftop solar market in India remains fragmented, dominated by local installers and uneven after-sales service. SolarSquare competes with players like ZunroofDealroom has a profile for this one. Try Dealroom →, MysunDealroom has a profile for this one. Try Dealroom →, and Adani SolarDealroom has a profile for this one. Try Dealroom →. Scaling a hardware-heavy, installation-dependent business across dozens of Indian cities brings execution risk.
Climate-tech funding in India has also been selective, with investors increasingly demanding visible revenue traction before writing cheques.
The signal: This round reflects growing venture appetite for full-stack rooftop solar platforms that can organise a messy market. The bet is that consumer-facing brands built around quality installation, financing support, and maintenance will capture outsized share as policy tailwinds expand the addressable market. SolarSquare's rapid revenue growth suggests the model is working — but the real test is whether it can maintain margins and service quality as it scales nationally.
Read more: The Economic Times
Image: Marta Victoria, CC BY-SA 4.0, via Wikimedia Commons
