SolarSquare's valuation is expected to increase threefold with new investment.

SolarSquare is currently in detailed discussions to secure $30 million in a new funding round, spearheaded by Lightspeed Venture Partners, with an anticipated valuation of $130 million. Established in 2015, SolarSquare Energy started its journey with business-to-business rooftop solar solutions and shifted to the business-to-consumer segment in 2021. In the fiscal year 2023, SolarSquare reported a net loss of INR 30 crore against an operating revenue of INR 107 crore.Several months after securing $4.2 million from prominent investors, including Zerodha Technology and Nikhil Kamath’s Gruhas Proptech, the rooftop solar solutions company SolarSquare is planning to raise an additional $30 million in a new funding round. Based in Mumbai, the startup is currently engaged in advanced discussions for this round, which is expected to be spearheaded by Lightspeed Venture Partners, according to a report by Mint citing insider information.The funding round, expected to conclude by next month, is projected to value the startup at $130 million — representing a 2.7X increase from its earlier valuation of $47.7 million, according to the report. Inc42 has contacted Shreya Mishra, cofounder and CEO of SolarSquare, for her insights on this development.

The article will be updated following her response. SolarSquare is reportedly planning to utilize the new funds to expand its operations and fulfill its capital expenditure requirements.Established in 2015 by Neeraj Jain, Nikhil Nahar, and Shreya Mishra, SolarSquare Energy began its journey by providing B2B rooftop solar solutions but shifted its focus to the B2C market in 2021. The company delivers a comprehensive range of rooftop solar solutions, encompassing the design, installation, and financing of solar systems for residential homes, housing societies, and commercial properties. SolarSquare faces competition from various solar solution providers, including Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. As reported by Inc42, SolarSquare has secured over $20.25 million in funding to date. In May, the company successfully raised $4.2 million from investors including Zerodha Technology, Gruhas Proptech led by Abhijeet Pai and Nikhil Kamath, Lowercarbon Capital, and Good Capital.