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SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest

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SolarSquare, an Indian rooftop solar startup that helps households and housing societies adopt solar power, is in advanced talks to raise fresh capital after securing India’s largest solar venture investment in December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are set to co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and bring in $55 million to $60 million in new investment, according to multiple people familiar with the matter. That would represent more than a doubling of SolarSquare’s valuation in roughly 18 months — a sign of how rapidly investor conviction is building around India’s residential solar market.

Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B round at around a $200 million post-money valuation in December 2024. This time, according to a source, it’s investing through its growth fund, which has backed names such as Razorpay — India’s leading digital payments platform — and Zepto, the fast-delivery startup.

Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and is expected to close next month. The terms could still change as the financing has not yet been finalized. SolarSquare has raised $61.1 million in equity financing to date, per the startup data platform Tracxn.

India has set a target of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country became the world’s third-largest solar power producer in 2025, trailing only China and the U.S. Its cumulative installed solar capacity has surged from about 3 GW in 2014 to more than 150 GW in 2026, aided partly by government incentives and subsidy schemes aimed at accelerating rooftop solar adoption.

Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a full-stack residential solar platform in a market that remains highly fragmented, dominated by small local installers and dealer networks tied to component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup designs, installs, and maintains rooftop solar systems for homes, housing societies (the apartment complexes and gated communities common across urban India), and enterprises, and has installed more than 150 megawatts of solar capacity with a presence across 29 cities in nine states, per its website.

SolarSquare has powered nearly 50,000 homes and around 400 housing societies, according to a source. The startup has also deployed rooftop solar systems for large enterprises including Swiggy, Zepto, and iD Fresh Food.

Residential customers and housing societies now account for a majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly scaled back lower-margin industrial rooftop solar projects in recent years.

The startup has crossed an annualized revenue run rate of more than ₹10 billion (around $104 million) across homes and housing societies combined, according to a source familiar with the matter. It also aims to reach 200 megawatts in its residential solar portfolio this year, the source added.

SolarSquare declined to comment. B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.

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‘These people are not our candidates’ – ADC rejects APC defection claim

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The African Democratic Congress (ADC) has rejected claims by the All Progressives Congress (APC) that some of its candidates from Jigawa, Plateau, Taraba and Zamfara states have defected to the ruling party.

The ADC described the people recently presented by the APC as alleged defectors as individuals who do not hold any recognised position in the opposition party.

In a statement by its National Publicity Secretary, Bolaji Abdullahi, the ADC said the APC had wrongly attached the party’s name and identities to people who were neither its candidates nor leaders.

“These people are not our candidates,” the party said.

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“The APC should tell Nigerians which ADC positions these individuals held, the constituencies they represented and when they occupied those positions,” the ADC challenged.

The party also criticised the manner in which the APC announced the alleged defections, saying the ruling party could receive anyone at its secretariat but should not present such individuals to Nigerians as ADC candidates without evidence.

“The APC cannot assemble random individuals at its secretariat, confer imaginary ADC credentials on them and then announce their defection,” Abdullahi said.

The ADC further dismissed the APC’s explanation that the alleged defectors were attracted by what it described as the administration’s transformation of Northern Nigeria.

It questioned the claim against the backdrop of rising food prices, insecurity and increasing pressure on household incomes.

The party said Nigerians were more interested in seeing concrete improvements in their living conditions than political events and photographs of alleged defectors.

“Nigerians are asking for evidence of better lives; the APC is manufacturing photographs and congratulating itself,” the ADC said.

The opposition party maintained that political claims should be supported by verifiable records.

It insisted that the APC should provide evidence to show that the people it presented were actually ADC candidates or officials before claiming they had defected.

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‘We will bring back subsidy after tackling corruption’ – Obi promises Nigerians

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The presidential candidate of the Nigeria Democratic Congress (NDC), Peter Obi, has promised to restore petroleum subsidy if elected, saying his administration would first tackle corruption in the country.

Obi made the statement on Monday at a town hall meeting held in Sokoto for the Obi-Kwankwaso presidential ticket ahead of the 2027 general elections.

He identified corruption as one of Nigeria’s major problems and promised to fight it across all sectors if elected.

“People are talking about subsidy but what is all about it is corruption. By removing the corruption, I assure you that we will bring back subsidy.

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“The problem of Nigeria is corruption, as such, if elected, we will stop all forms of corruption in every sector of the country,” he said.

Obi called on Nigerians to support NDC candidates in the 2027 elections, describing the task of addressing the country’s problems as a collective responsibility.

He said the party was committed to what he called a “politics of care and service to Nigerians.”

The former Anambra State governor also expressed concern over the economic difficulties facing Nigerians. He promised to use the country’s resources to improve security, education and other key sectors.

“Education is our number one priority after unity and security,” Obi said.

He also promised to link all state capitals by rail to promote economic activities and development.

Speaking at the event, NDC vice-presidential candidate Rabiu Kwankwaso said the purpose of their visit was to meet Sokoto residents and seek their support ahead of the 2027 elections.

Kwankwaso, a former Kano State governor, said they had earlier visited the Sultan of Sokoto, who prayed for the success of the Obi-Kwankwaso ticket and conveyed his goodwill.

He said several parts of Nigeria were facing security challenges, but noted that banditry and kidnapping had become particularly serious in the North-West.

“We are, therefore, committed to mitigating all these challenges and make Nigeria better,” he said.

The NDC governorship candidate in Sokoto State, Dr Shamsudeen Haido, also promised to provide good governance if elected in 2027.

The party’s state chairman, Alhaji Bello Yabo, said the town hall meeting gave residents an opportunity to hear directly from Obi and Kwankwaso about their plans and vision for Nigeria.

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