Lightspeed set to lead clean-tech startup SolarSquare’s $30 millon funding round
Subscribe to enjoy similar stories. BENGALURU : Lightspeed Venture Partners is in advanced discussions to lead a $30 million funding round in SolarSquare, a rooftop solar startup, alongside other investors, two people familiar with the matter told Mint. The investment signals Lightspeed’s deepening interest in climate-focused ventures as demand for clean energy accelerates.
“The round is expected to happen at a valuation of more than $130 million and is expected to close next month," one of the people cited above said. The new funds will be used for expansion, to meet working capital requirements and other corporate purposes. This is likely to be the company’s largest primary capital infusion so far.
Lightspeed and SolarSquare did not immediately respond to Mint’s requests for a comment. The investment follows a $4.2 million round raised by SolarSquare earlier this year from investors including Zerodha’s Rainmatter Capital, Gruhas Proptech led by Zerodha co-founder Nikhil Kamath, Climate Angels, and Lowercarbon Capital, according to Entrackr. As of April, the company was valued at $47.7 million, data from Tracxn showed.
SolarSquare’s rapid growth has captured attention in India’s rooftop solar sector, where it provides B2C solar solutions for homeowners, housing societies, and commercial businesses. Read this | A power trip for rooftop solar, home EV charging In 2022, SolarSquare raised ₹100 crore in a Series A funding round led by Elevation Capital and Lowercarbon. At the time, the company was active in six key markets—Bengaluru, Delhi, Gujarat, Hyderabad, Madhya Pradesh, and Maharashtra—offering B2C solar solutions.
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