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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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Health

Kano expands health insurance to inmates, HIV, hypertensive patients

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The Kano State Contributory Healthcare Management Agency (KSCHMA) says it has enrolled vulnerable groups, including hypertensive and HIV patients and inmates in correctional centres, into the state’s healthcare insurance scheme.

The Executive Secretary of the agency, Rahila Aliyu-Mukhtar, disclosed this in an interview with the News Agency of Nigeria (NAN) on Friday in Kano.

Ms Aliyu-Mukhtar said the agency had enrolled more than 6,000 vulnerable hypertensive patients across the state to help them access medications and investigations they ordinarily could not afford.

According to her, the intervention has contributed to reducing complications arising from hypertension in the state.

“We received a nationally generated report indicating that Kano State has reduced complications arising from hypertension.

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“This can be attributed to the hypertensive patients we enrolled under the scheme,” she said.

The executive secretary added that more than 6,000 people living with HIV have also been enrolled in the programme.

She explained that although antiretroviral drugs were provided through donor support, beneficiaries still require healthcare support for other illnesses such as malaria, typhoid, diabetes, and hypertension.

Ms Aliyu-Mukhtar further disclosed that the agency had concluded plans to enrol 6,000 tuberculosis patients under its vulnerable group programme.

“We realised that TB patients also need support beyond their TB medications because secondary health conditions may arise,” she said.

READ ALSO: Benue, with Nigeria’s heaviest HIV treatment burden, launches long-acting prevention drug

She also said the agency had enrolled all inmates in correctional centres across the state, describing it as the first initiative of its kind in the country.

Ms Aliyu-Mukhtar noted that the initiative earned the Kano State government commendation from the Controller-General of Corrections.

According to her, other states have contacted the agency to understudy the implementation model adopted by Kano State.

She said the agency remained committed to reducing out-of-pocket healthcare spending and improving access to healthcare services for vulnerable residents.

(NAN)


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Nigerian Duo Abiodun Toheeb and Olude Muyideen Fire Qarabag FK U19s to Azerbaijan League Title

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Nigerian youngsters Abiodun Toheeb and Olude Muyideen have emerged as champions of the Azerbaijan U19 League after helping Qarabag FK secure the league title with outstanding performances throughout the season.

Both players played crucial roles in Qarabag’s successful campaign, delivering impressive goal contributions that highlighted their attacking quality and consistency.

Read Also: NFF congratulates Osimhen, Iheanacho, Babajide and other Nigerian title winners in Europe

Toheeb enjoyed a phenomenal season, recording an incredible 29 goals and 8 assists in just 20 matches, making him one of the standout performers in the league.

Muyideen also produced remarkable numbers, contributing 16 goals and 12 assists in 20 appearances to further strengthen Qarabag’s attacking force on their way to the championship triumph.

The impressive performances of the Nigerian duo have continued to attract attention, with many football observers praising their development and impact in youth football abroad.

Their success further reflects the growing reputation of Nigerian talents making waves across European and international football academies, while also providing optimism for the future of Nigerian football.

Winning the Azerbaijan U19 League marks another important milestone in the careers of both players as they continue their progression in professional football.

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