SolarSquare Energy Valuation, Funding & Investors

SolarSquare Energy is valued at $47M as of May 2024.

Last SolarSquare Energy valuation

$47M

Seed · May 2024

Last SolarSquare Energy funding round

$53M

Series C · Jun 2026

Cumulative funding SolarSquare Energy raised

$113M

across 5 funding rounds

Key investors in SolarSquare Energy

  • Lowercarbon Capital
  • Good Capital
  • Elevation Capital
  • Rainmatter Foundation
  • Lightspeed Venture Partners
  • Rainmatter Capital

SolarSquare Energy Overview

About SolarSquare Energy

SolarSquare Energy is a Mumbai-headquartered installer of residential and commercial solar rooftop systems across India. The company handles design, financing, installation, and maintenance of grid-connected photovoltaic panels. It targets homeowners and corporate clients including Fortune 500 companies with customized solutions for self-consumption. SolarSquare operates in multiple states like Maharashtra, Gujarat, and Karnataka, integrating smart inverters and monitoring software. Founded in 2019, the firm emphasizes rapid deployment and long-term performance guarantees for its projects.


Founded

2015

HQ

IndiaMumbai

Status

Privately held

Customer focus

B2C & B2B

Revenue model

Services

Valuation

$47M (May 2024)

SolarSquare Energy Valuation

SolarSquare Energy is currently valued at $47M, based on its seed round in May 2024.

The $4M round included Climate Angels, Gruhas, Rainmatter Capital, Lowercarbon Capital and Good Capital.

SolarSquare Energy's valuation has grown 1.0x from $45M at its Series A in November 2022 to $47M in May 2024, across 2 priced rounds.

SolarSquare Energy valuation by funding round

SolarSquare Energy valuation by funding round
DateStageValuation
May 2024Seed$47M
Nov 2022Series A$45M

SolarSquare Energy Funding History

SolarSquare Energy has raised a total of $113M across 5 funding rounds.

SolarSquare Energy's first fundraising round was a $4M seed round in June 2022. The most recent completed round was a $53M Series C in June 2026.

SolarSquare Energy funding rounds

SolarSquare Energy funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Jun 2026Series CB Capital (lead); Rainmatter Foundation; Elevation Capital; Lowercarbon Capital; Lightspeed Venture Partners; Good Capital$53M-B Capital led SolarSquare Energy’s Series C financing of $53 million in June 2026, with Lightspeed, Elevation Capital, Lowercarbon Capital, Rainmatter by Zerodha, and Good Capital also participating. The round was reported as the largest venture investment in India’s solar sector and takes SolarSquare’s total funding to more than $100 million. The company said it will use the capital to expand into new cities, strengthen its technology platform, hire talent, and scale operations. The raise comes amid growing investor interest in India’s residential rooftop solar market, and coverage said the round valued SolarSquare at roughly $450 million to $500 million. Earlier reporting indicated the deal was in advanced stages with B Capital and Lightspeed expected to co-lead, though the final announcement described B Capital as lead investor. SolarSquare’s prior Series B was a $40 million round in December 2024 led by Lightspeed at about a $200 million post-money valuation. SolarSquare is a Mumbai-based residential rooftop solar company that serves households and housing societies with solar installations and related home energy offerings. The company said the new funds would support geographic expansion, technology development, workforce growth, and broader energy services including financing, battery storage, and energy management solutions.
Dec 2024Series BLightspeed Venture Partners (lead); Elevation Capital; Gruhas; Rainmatter Capital; Lowercarbon Capital; Lightrock$40M-SolarSquare Energy is a Mumbai-based startup providing end-to-end rooftop solar installation services for homes, housing societies, and businesses, including design, permitting, financing, deployment, and maintenance, with features like cyclone-proof systems, zero-EMI options, and performance guarantees. Originally focused on B2B since 2015, it pivoted to residential solar in 2021, becoming India's largest operator of distributed solar assets, powering over 20,000 homes and 200 housing societies. The company guarantees returns on investments and offers full-stack services averaging $1,500 per installation. In December 2024, SolarSquare raised $40 million in a Series B round led by Lightspeed Venture Partners, with participation from Lightrock, Elevation Capital, Lowercarbon Capital, and Rainmatter Capital, marking India's largest venture round in the solar sector. Previously, it had raised about $19.5-20.25 million, including $4.2 million in May 2024 from Rainmatter Capital, Gruhas Proptech, Lowercarbon Capital, and others, and INR 100 crore ($12.08 million) in 2022 Series A led by Elevation Capital and Lowercarbon Capital. The fresh funds will support expansion, technology for remote monitoring, operations in smaller cities via local partners, and team growth amid India's favorable net-metering policies and green energy boom. SolarSquare ranks highly in micro-markets, benefits from cleantech investor interest, and aims to dominate residential solar for a billion Indians.
May 2024SeedClimate Angels; Gruhas; Rainmatter Capital; Lowercarbon Capital; Good Capital$4M$47M-
Nov 2022Series AElevation Capital (lead); Lowercarbon Capital (lead); Rainmatter Foundation; Vidit Aatrey; Good Capital; Sanjeev Barnwal$12M$45MSolarSquare Energy is a Mumbai-based residential solar installation and financing startup offering full-stack rooftop solar solutions, including design, installation, and financing for homes. The company transitioned from B2B to B2C operations in 2021 and operates in multiple regions including Madhya Pradesh, Hyderabad, Maharashtra, Bengaluru, Telangana, Delhi-NCR, Gujarat. SolarSquare raised Rs 100 crore ($12 million) in its Series A round on November 3, 2022, co-led by Elevation Capital (Rs 50 crore) and Lowercarbon Capital (Rs 17.23 crore), with participation from Good Capital, Rainmatter Foundation, and angels Vidit Aatrey and Sanjeev Barnwal. Fintrackr estimated the post-allotment valuation at Rs 420 crore ($52 million), potentially increasing upon final closure. This followed a June 2022 seed round of Rs 30 crore led by Good Capital and a prior pre-Series A of Rs 13.4 crore in July 2021, bringing total funding to around Rs 190 crore. The company plans to use the funds to expand pan-India over 18-24 months, launch an in-house NBFC for 5-minute loan approvals to residential solar buyers, develop consumer apps for monitoring generation, backend dashboards, and partner apps, while growing its team from 200 to 300 by end-2023 and operating via regional warehouses in a hub-and-spoke model.
Jun 2022SeedGood Capital (lead); Lowercarbon Capital (lead); Rainmatter Foundation; Maninder Gulati; Symphony Intl Hldgs; Better Capital; Climate Angels; Ashish Goel; Amit Kumar Agarwal; Akhil Gupta; Brennan Loh; Saurabh Garg$4M-SolarSquare Energy is a Mumbai-based rooftop solar platform focused on bringing residential solar adoption to Indian households. The company pivoted from a profitable B2B solar business serving corporate clients to a direct-to-consumer (D2C) model in early 2021, simplifying the solar installation and financing process for individual homeowners. In June 2022, SolarSquare raised $4 million in seed funding led by Good Capital and Chris Sacca's Lowercarbon Capital, with participation from Symphony Asia, Rainmatter, Better Capital, Climate Angels, and notable angel investors including executives from OYO, Urban Ladder, and NoBroker. By the time of this seed round, the company had equipped over 3,000 homes with modular solar systems across multiple Indian states including Madhya Pradesh, Hyderabad, Maharashtra, Bengaluru, Telangana, and Delhi-NCR. The company planned to deploy seed capital to expand geographic presence and build a real-time performance tracking technology platform for consumers. The investment reflected broader investor confidence in India's renewable energy transition, with the country aiming to significantly increase solar capacity to meet rising electricity demand while pursuing aggressive emission reduction targets.

Who has invested in SolarSquare Energy?

20 investors have backed SolarSquare Energy across its funding rounds, including Lowercarbon Capital, Good Capital, Elevation Capital, Rainmatter Foundation, Lightspeed Venture Partners and Rainmatter Capital.

Lead investors include B Capital, Lightspeed Venture Partners, Elevation Capital, Lowercarbon Capital and Good Capital.


SolarSquare Energy Investors

Investors in SolarSquare Energy by funding rounds participated
InvestorHQRoundsRoleFirst check
Lowercarbon CapitalUnited StatesJackson, MS5LeadJun 2022
Good CapitalUnited StatesNew York City, NY4LeadJun 2022
Rainmatter FoundationIndiaBangalore3ParticipantJun 2022
Elevation CapitalIndiaGurgaon3LeadNov 2022
Climate AngelsIndiaHaryana2ParticipantJun 2022
GruhasIndiaBangalore2ParticipantMay 2024
Rainmatter CapitalIndiaBangalore2ParticipantMay 2024
Lightspeed Venture PartnersUnited StatesSan Francisco, CA2LeadDec 2024
Maninder GulatiIndiaIndia1ParticipantJun 2022
Vidit AatreyIndiaBangalore1ParticipantNov 2022
Symphony Intl HldgsMauritiusMauritius1ParticipantJun 2022
Better CapitalUnited KingdomLondon1ParticipantJun 2022
Ashish GoelIndiaBangalore1ParticipantJun 2022

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Acquisitions by SolarSquare Energy

SolarSquare Energy has acquired 1 company to date.

Last acquisition by SolarSquare Energy was on February 14th 2024. SolarSquare Energy acquired PV Diagnostics for undisclosed valuation.


Latest Acquisitions by SolarSquare Energy

PV Diagnostics
Description
PV Diagnostics is a New Delhi-based solar consultancy offering quality assurance and performance diagnostics for PV systems. Services span module inspection, IV curve tracing, and electroluminescence imaging across India and Southeast Asia, optimizing yield for projects totaling 5 GW since 2015. The firm uses drone-based thermography for large-scale farms.
HQ CountryIndia
HQ City
Mumbai
Deal Date14 Feb 2024
Valuationundisclosed
EV/Revenue
EV/EBITDA

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SolarSquare Energy Competitors

SolarSquare Energy competitors include listed companies like Hydrogen de France and Eco Wave Power Global, and private ones like 247Solar, MediSun Energy, Basis and TRILLION.

Public and private companies comparable to SolarSquare Energy
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
247SolarUnited StatesUnited StatesPrivate--$47M-
MediSun EnergySingaporeSingaporePrivate--$44M-
BasisNew ZealandNew ZealandPrivate--$52M-
TRILLIONUnited StatesHouston, TXPrivate--$40M-
Hydrogen de FranceFranceFrancePublicly listed$1M-$40M1.3x
Eco Wave Power GlobalSwedenSwedenPublicly listed$38K($4M)$37M261.7x

SolarSquare Energy Public Comps

SolarSquare Energy is still privately-owned, but its public comps include Stem, Columbus Energy, Iniziative Bresciane, Maxvolt Energy Industries, Revoil, NAP, Kinetiko Energy, NH3 Clean Energy, Carnegie Clean Energy and Hydrogen de France.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Stem$156M$7M2.1x2.2x50.1x28.0x
Columbus Energy$78M($13M)0.9x-(5.7x)-
Iniziative Bresciane$24M$16M6.7x5.8x9.9x9.1x
Maxvolt Energy Industries$30M$4M1.5x-12.4x-
Revoil------
NAP$14M$12M5.2x-6.4x-
Kinetiko Energy$1M($3M)27.9x-(13.9x)(9.9x)
NH3 Clean Energy------

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Common questions about SolarSquare Energy

When was SolarSquare Energy founded?SolarSquare Energy was founded in 2015.
Where is SolarSquare Energy headquartered?SolarSquare Energy is headquartered in Mumbai, India.
Is SolarSquare Energy publicly listed?No, SolarSquare Energy is a private, VC-backed company.
What is SolarSquare Energy's valuation?SolarSquare Energy was last valued at $47M in its seed round in May 2024.
How much funding has SolarSquare Energy raised?SolarSquare Energy has raised $113M across 5 funding rounds.
What was SolarSquare Energy's last funding round?SolarSquare Energy's last funding round was a $53M Series C in June 2026, led by B Capital.
Who are SolarSquare Energy's investors?SolarSquare Energy's investors include Lowercarbon Capital, Good Capital, Rainmatter Foundation, Elevation Capital, Climate Angels, Gruhas, Rainmatter Capital, Lightspeed Venture Partners, Maninder Gulati, Vidit Aatrey and 10 others.
Which companies are comparable to SolarSquare Energy?Companies comparable to SolarSquare Energy include 247Solar, MediSun Energy, Basis, TRILLION, Hydrogen de France and Eco Wave Power Global.
How many companies has SolarSquare Energy acquired?SolarSquare Energy has acquired 1 company, including PV Diagnostics.

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