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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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Osun election: NOA urges non-violent, peaceful voting

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The National Orientation Agency, NOA, Osun State Directorate, has urged eligible voters across the state to participate peacefully in the governorship election scheduled for Saturday, August 15.

The State Director of the agency, Adebiyi Adefarasin Stephen, made the call in Osogbo through a statement signed by Bunmi Olaseinde, Public Relations Officer of the agency on Friday.

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PLABOC, Plateau Tourism Ministry Forge Partnership to Boost Business and Tourism Growth – Your Hub for News, Events & Entertainment

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The Plateau Business Owners Council (PLABOC) has strengthened its relationship with the Plateau State Ministry of Tourism, Culture and Hospitality, following a strategic engagement aimed at creating new opportunities for businesses and strengthening public-private sector collaboration across the state.

The PLABOC delegation led by its President Mr Kim Ndoh held a productive meeting with the Honourable Commissioner, members of the Ministry’s administrative team and Directors to explore ways business owners can participate in government programs and contribute to the growth of Plateau’s tourism, culture and hospitality ecosystem.

The visit was also aimed at understanding government initiatives affecting businesses, identifying areas of collaboration, and establishing a stronger working relationship between PLABOC and the Ministry.

Welcoming the delegation, the Ministry acknowledged the important role of business owners in driving the success of the tourism sector and contributing to the broader economic development of Plateau State.

The Secretary-General of PLABOC appreciated the Ministry for receiving the delegation before introducing members of the team and giving each participant an opportunity to highlight their businesses and areas of operation.

He subsequently explained the purpose of the visit, as outlined in the letter presented to the Ministry, and shared PLABOC’s mission and vision. The President of PLABOC further shed light on the council’s objectives and ongoing plans to bring more business owners across Plateau State under a stronger network of collaboration and support.

The Commissioner expressed delight at seeing a significant number of young entrepreneurs among the PLABOC delegation, noting the importance of youth participation in building the state’s economy.

Government Pledges Support for Business Growth

The Commissioner emphasized the Plateau State Government’s commitment to creating an enabling environment where businesses can establish, operate and expand.

According to the Ministry, government support goes beyond infrastructure development to include policies, systems and mechanisms designed to make it easier for businesses to thrive.

Some of the areas of support highlighted during the engagement include improved access to land and property for business purposes, rebates of approximately 50 percent on certain property-related processes, faster land documentation and processing, and support mechanisms for businesses seeking financing and collateral.

The Ministry also noted ongoing collaboration with financial institutions to improve access to funding for businesses.

The Commissioner encouraged business owners to take advantage of existing government programmes and opportunities rather than relying solely on direct financial assistance from government.

Creative Industry Gets Special Attention

The importance of the creative industry also featured prominently during the meeting.

The Commissioner disclosed that the government is developing support structures aimed at helping creatives build sustainable businesses and compete effectively in local and international markets.

Discussions included plans for a purpose-designed creative facility, known as The Standard Building, which is expected to provide workspace and access to support services for creative entrepreneurs.

The proposed facility is intended to create an environment where creatives can develop their skills, grow their businesses and serve clients locally and globally.

The Commissioner urged creative entrepreneurs to position themselves for opportunities by improving the quality of their products and services while maintaining international standards in professionalism, delivery and customer experience.

December Declared Month of Tourism in Plateau

Another major highlight of the engagement was the announcement that December has been declared the Month of Tourism in Plateau State.

The Ministry encouraged businesses operating within the tourism and hospitality ecosystem to strategically position themselves to benefit from the activities and programmes expected during the period.

The Commissioner stressed that entrepreneurs should not wait for government to provide direct financial support but should identify opportunities created by government programmes and develop products and services capable of meeting the needs of tourists, visitors and participants.

The Ministry also indicated that a comprehensive programme map containing activities planned for the tourism month would be shared with business stakeholders, enabling them to identify areas where they can participate and position their businesses.

The engagement between PLABOC and the Ministry marks an important step towards deeper public-private sector collaboration, with both sides expressing a commitment to creating an environment where Plateau businesses, particularly young entrepreneurs and creatives, can thrive.

The partnership is expected to open up new avenues for collaboration, business participation and economic opportunities while supporting the growth of Plateau State’s tourism, culture, hospitality and wider private sector.

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