New Delhi, June 16 -- Mumbai-based renewable energy platform SolarSquare Energy has raised $53 million (about Rs 500 crore) in its Series C funding round led by American venture capital firm B Capital.
Existing investors Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha, and Good Capital also doubled down on their investment in the company, SolarSquare said in a statement.
"India's energy transition will not be won on the grid alone, it will be won home by home, city by city," said Karan Mohla, general partner at B Capital. "At B Capital, we've studied residential energy across markets for years, and SolarSquare combines category leadership, best-in-class unit economics, and a proprietary technology and asset-management layer that compounds with every install."
SolarSquare said it plans to use the capital to accelerate geographic expansion into new cities, deepen its technology capabilities, hire talent and scale the platform.
The company was set up in 2015 by Neeraj Jain and Nikhil Nahar, and later joined by Shreya Mishra in 2020. It designs, installs and finances rooftop solar systems for homes, operating as a full-stack home energy platform, and manages the entire customer journey from consultation to design to installation, financing support, and long-term maintenance.
The company has since grown into one of India's largest residential rooftop solar brands, having powered about 50,000 homes across the country and currently operating at an annual run-rate of over Rs 1,000 crore.
"Five years ago, we made a conviction-led bet that every Indian home will be powered by rooftop solar. Today, the category has inflected with one lakh homes adopting solar every 10 days in India," said Mishra, co-founder and chief executive, SolarSquare. "We want to build the operating system for this energy transition in India - with solar installation solutions, after-sales, financing, battery solutions, home energy management. This capital will allow us to accelerate that vision."
The latest round comes about one and half years after Lightspeed led a $40-million (Rs 340 crore) Series B funding round in December 2024. Previously, the startup secured $12 million in its Series A funding, co-led by Elevation Capital and Lowercarbon Capital. In June 2022, it bagged seed funding of $4 million led by Good Capital, with participation from Lowercarbon Capital, Symphony Asia and Rainmatter.
Published by HT Digital Content Services with permission from VC Circle.