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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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Agboola emerges SDP governorship candidate for 2027 Oyo election

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The Social Democratic Party (SDP) has named Mogaji Olusegun Agboola as its governorship candidate for the 2027 election in Oyo State.

Agboola emerged after the party’s substitution plenary held in Ibadan on Tuesday, where members ratified the replacement of Michael Okunlade as the party’s governorship flagbearer.

The party said the decision marked a new phase in its preparations for the 2027 governorship election and charged Agboola with strengthening the party’s structures, reconciling members and taking its message across the state’s 33 local government areas.

Speaking after his emergence, Agboola said the SDP was contesting the election to win, not to negotiate political deals with other parties.

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“The SDP is here to stay and our intention is to take over this state. There’s no negotiation on the table as far as we are concerned,” he said.

He promised to introduce a different approach to governance if elected.

He argued that Oyo State needed to move beyond what he described as conventional ways of running government.

“Our administration will focus on developing Oyo State’s human and material resources by creating systems that will help residents turn their skills and abilities into sustainable economic opportunities,” Agboola said.

He also invited other governorship candidates to a public debate on their policy proposals and urged aggrieved party members to return, saying the SDP would operate an open-door policy.

Earlier, the outgoing governorship candidate, Michael Okunlade, congratulated Agboola and described his emergence as an important step for the party.

He praised party members for conducting the substitution process peacefully and thanked the Independent National Electoral Commission (INEC) and security agencies for monitoring the exercise.

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Peter Obi storms Plateau after Benue blockade [VIDEO]

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The Nigeria Democratic Congress, NDC, presidential candidate, Mr Peter Obi, has arrived in Jos, Plateau State capital, a few hours after leaving Benue State.

While in Benue, youths beloved to be political thugs blocked a major access road to prevent Obi from entering the state capital, Makurdi.

Obi said he was heading to Yelewata to visit the families of victims of the June 2025 massacre when his convoy was stopped by some youths at Gyado Villa along Gboko Road.

He said: “I’m using this occasion to appeal to the IG of police, the Director of DSS, and other agencies to please intervene and call various state governors to order, I was a governor myself. This rascality cannot be allowed, we have a country, we too have followers and people who can confront these people on our own if the state and the government can no longer provide us security.

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“We cannot go on this way, it’s not acceptable. This was why when I participated in the presidential campaign office launch of APM yesterday, I said we need unity, love, justice, and let this campaign be concentrated on ideas and issues that concerns Nigerians today like insecurity, hunger, insecurity, killings, and how we are going to pull our people out of poverty, that’s what it should be.”

The incident has generated reactions with human rights activist, Omoyele Sowore, saying that the attackers were toying with fire.

Similarly, Obi’s running mate in the forthcoming 2027 general elections, Rabi’u Kwankwaso, called on the international community for protection of opposition leaders.

Watch video.

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