SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest
SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest
随着印度屋顶太阳能市场吸引大量风投关注，SolarSquare 正洽谈筹集至多 6000 万美元资金
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. 据 TechCrunch 获悉，印度屋顶太阳能初创公司 SolarSquare 在 2024 年 12 月获得印度最大规模的太阳能风险投资后，目前正就筹集新一轮资金进行深入谈判。该公司致力于帮助家庭和住宅社区采用太阳能电力。
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. 据多位知情人士透露，B Capital 和 Lightspeed Venture Partners 将共同领投此轮 C 轮融资。该轮融资对 SolarSquare 的估值可能在 4.5 亿至 5 亿美元之间，并带来 5500 万至 6000 万美元的新投资。这意味着 SolarSquare 的估值在约 18 个月内翻了一番多，这表明投资者对印度住宅太阳能市场的信心正在迅速增强。
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. Lightspeed Venture Partners 此前曾领投了 SolarSquare 在 2024 年 12 月进行的 4000 万美元 B 轮融资，当时投后估值约为 2 亿美元。据消息人士称，此次该公司将通过其成长基金进行投资，该基金曾支持过印度领先的数字支付平台 Razorpay 和即时配送初创公司 Zepto 等知名企业。现有投资者 Elevation Capital 也预计将参与此轮交易，目前谈判已进入后期阶段，预计将于下月完成。由于融资尚未最终敲定，条款仍有可能发生变化。
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. 根据初创公司数据平台 Tracxn 的数据，SolarSquare 迄今已筹集了 6110 万美元的股权融资。印度已设定目标，到 2030 年实现 500 吉瓦的可再生能源装机容量，其中太阳能预计将贡献总量的一半以上。印度在 2025 年成为全球第三大太阳能生产国，仅次于中国和美国。得益于旨在加速屋顶太阳能普及的政府激励措施和补贴计划，其累计太阳能装机容量已从 2014 年的约 3 吉瓦激增至 2026 年的超过 150 吉瓦。
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. 总部位于孟买的 SolarSquare 成立于 2015 年，其定位是全栈式住宅太阳能平台。目前该市场仍高度分散，主要由小型本地安装商以及与塔塔电力 (Tata Power)、Waaree Energies、Luminous Power Technologies 和 Exide Industries 等组件制造商挂钩的经销商网络所主导。据其官网显示，该公司为家庭、住宅社区（印度城市中常见的公寓大楼和封闭式社区）及企业设计、安装和维护屋顶太阳能系统，已安装超过 150 兆瓦的太阳能容量，业务覆盖 9 个邦的 29 个城市。
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. 据消息人士称，SolarSquare 已为近 5 万个家庭和约 400 个住宅社区提供了电力支持。该公司还为 Swiggy、Zepto 和 iD Fresh Food 等大型企业部署了屋顶太阳能系统。据熟悉该公司运营的人士透露，由于近年来逐渐缩减了利润率较低的工业屋顶太阳能项目，住宅客户和住宅社区目前已占据了 SolarSquare 业务的大部分份额。
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. 据一位知情人士透露，该公司在家庭和住宅社区业务上的年化收入运行率已超过 100 亿卢比（约合 1.04 亿美元）。该消息人士补充说，公司还计划在今年将其住宅太阳能投资组合规模扩大至 200 兆瓦。SolarSquare 拒绝置评。B Capital、Lightspeed Venture Partners 和 Elevation Capital 均未回应置评请求。