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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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Alex Otti a failure, lacks magic to end Abia misgovernance – NDC chieftain

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The Nigeria Democratic Congress, NDC, Director of New Media and Strategic Communications, Theo Abu Agada, on Wednesday, described Governor Alex Otti of Abia State as a failure.

Agada said the NDC will ensure that Otti is kicked out in 2027 because he has no magic wand to solve the misgovernance in his state and Nigeria.

He was reacting to a video of a man calling out Otti over the dilapidated condition of a school in Ukwe East Local Government Area of Abia State.

Reacting, Agada said no child deserves to learn in a school with dilapidated structures.

Posting on X, he wrote: "This is the person they said has the magic wand to solve misgovernance in Nigeria.

"An average Nigerian governor doing the barest minimum.

"No child deserves to learn in this kind of environment. Alex Otti is a failure, and we are kicking him out in 2027. Vote NDC."

Alex Otti a failure, lacks magic to end Abia misgovernance – NDC chieftain

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Uganda says no active Ebola cases after Nigeria confirms infection

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Uganda’s Ministry of Health has urged the public to remain calm and vigilant following Nigeria’s confirmation of an Ebola case, clarifying that the infected woman’s transit through Uganda does not establish that she contracted the virus there.

In a public statement issued on Tuesday, the ministry said preliminary information indicated that the Nigerian woman travelled to eastern Democratic Republic of the Congo (DRC) for business and passed through Uganda in early October without showing symptoms.

She reportedly developed symptoms after arriving in Nigeria, where authorities have confirmed an Ebola infection.

“The location of exposure remains under investigation,” the ministry said, adding that travel through Uganda alone was insufficient to establish where the infection occurred.

The clarification comes as Nigeria intensifies its response to the confirmed case in the Federal Capital Territory (FCT), with health authorities beginning contact tracing to identify people who may have been exposed to the virus.

PREMIUM TIMES reported that Nigeria’s Coordinating Minister of Health and Social Welfare, Muhammad Pate, confirmed the case on Tuesday. The patient is receiving treatment in isolation at a private hospital in the FCT, while 44 close contacts, including healthcare workers, patients, caregivers and travel contacts, have been identified.

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Active cases

The Ugandan health ministry said it had no confirmed active Ebola cases as of the time of its statement.

It also said the Nigerian government had yet to provide detailed information about the woman’s travel itinerary and clinical history, which it said would help guide further investigations and any necessary contact tracing.

The Ugandan health ministry said it was working with relevant agencies to strengthen screening and public health controls at points of entry, following the development.

It added that limited provisions had been maintained for humanitarian and diplomatic movements.

The ministry urged residents to practise regular handwashing and use sanitiser as part of efforts to reduce the risk of infection. It also pledged to provide verified updates through its official communication channels.

Regional outbreak

Nigeria’s confirmed case comes amid an ongoing Ebola outbreak linked to the Bundibugyo virus in the DRC, with infections also reported in other countries.

Kenya, which confirmed its first imported case in early October, reported a ninth case on Tuesday. Its health ministry said all nine cases belonged to one known cluster, with the eight surviving patients responding well to supportive care.

The first Kenyan patient had travelled from the DRC through Uganda before arriving in Nairobi. The development has heightened regional concerns about the movement of the virus across borders.

Uganda also recorded Ebola infections earlier in 2026 but subsequently declared its outbreak over after completing the required period without a new confirmed case.

Nigeria’s current case has renewed attention on the risks posed by international travel during an outbreak, as public health authorities work to establish the source of infection and prevent further transmission.

Ebola spreads through direct contact with the blood or other bodily fluids of an infected person, or with contaminated materials. Symptoms can include fever, headache, severe weakness, vomiting and diarrhoea.

Health authorities have advised the public to maintain good hand hygiene, avoid contact with the bodily fluids of suspected cases and promptly report possible exposure to public health officials.

Investigations into the Nigerian case and the circumstances surrounding the patient’s travel remain ongoing.


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