Solar rooftop startup SolarSquare recently raised $53 million in its Series C funding round led by B Capital, with participation from existing investors including Lightspeed, Lowercarbon, Rainmatter. With this round, the company has raised over $90 million in less than two years.
Previously the company raised $40 million in Series B round led by Lightspeed in December 2024.
Entrackr examined SolarSquare's regulatory filings to decode the company's latest funding round, updated captable, and post-money valuation.
According to the company's regulatory filings accessed from the Registrar of Companies (RoC), SolarSquare's board passed a special resolution to issue 11,969 Series C compulsorily convertible preference shares (CCPS) and one equity share at an issue price of Rs 4,26,112 each to raise Rs 510 crore ($53 million).
B Capital emerged as the largest investor in the round with an investment of Rs 287.7 crore (around $30 million), followed by existing investor Lightspeed Venture Partners with Rs 79.85 crore (around $8.3 million), Lowercarbon with Rs 65.83 crore (around $6.8 million), Good Capital with Rs 40.73 crore, Mangum LLC with Rs 21.94 crore, and Zerodha-backed Rainmatter with Rs 11 crore.
The remaining amount will be contributed by Better Capital, while former Indian cricket captain MS Dhoni also participated in the round through his family office, Midas Deals.
According to Entrackr's estimates, SolarSquare's post-money valuation nearly doubled to around Rs 4,500 crore (approximately $470 million), compared to around $253 million in its $40 million Series B round.
Following the allotment, Lowercarbon remains the largest external shareholder with a 16.09% stake, followed by Elevation Capital at 15.23%. Lightspeed Venture Partners holds 9.91%, Good Capital owns 8.24%, new investor B Capital acquired 6.4%. The ESOP pool accounts for 5.74%, Lightrock owns 3.49%, and Rainmatter Capital holds 2.69%. Meanwhile, co-founders Neeraj Jain, Shreya Mishra, and Nikhil Nahar collectively retain a 27.54% stake in the company.
Founded in 2015 by Shreya Mishra, Neeraj Jain, and Nikhil Nahar, SolarSquare provides end-to-end rooftop solar solutions for homeowners, covering consultation, system design, installation, financing support, and maintenance.
The company said the proceeds will fund expansion into new cities, strengthen its technology platform, hire talent, and scale its home energy offerings.For the fiscal year ended March 2025, SolarSquare doubled its operating revenue to Rs 355 crore from Rs 175 crore in FY24.
The company's losses narrowed by 46% to Rs 37 crore during the same period.SolarSquare competes with several players in the residential rooftop solar segment, including ZunRoof, Glow, Mysun, Oorjan Cleantech, and Freyr Energy.
-Entrackr