Cleantech startup SolarSquare Energy is planning to expand operations to 30 new cities by the end of FY26 as it looks to tap into the growing demand for residential rooftop solar systems across the country. The company currently operates in 20 cities and aims to target tier-2 and tier-3 locations, particularly in states such as Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh and Tamil Nadu.
Neeraj Jain, co-founder and director of SolarSquare told FE that rising electricity bills, favourable government subsidies and increasing awareness about solar benefits are driving strong consumer interest.
“Only 1% of Indian homes have adopted solar so far, so the market potential is huge,” Jain said.
The company is also expanding its post-installation service offerings, including maintenance, monitoring and system health checkups. This segment is expected to grow four-fold and is seen as critical to improving profit margins. SolarSquare is also exploring international markets, with initial discussions already underway.
SolarSquare reported operating revenue of Rs 170 crore in FY24 and doubled it to Rs 340 crore in FY25. It expects to maintain strong double-digit growth in FY26. The firm is investing in its smart energy technology stack to provide real-time insights, predictive maintenance, and remote diagnostics for residential solar systems.
In addition to its core offering, the company is launching solar-plus-storage solutions for regions with unreliable power grids. It is also working on new financing models such as zero-cost EMIs and subscriptions to make solar adoption more accessible. Jain said the goal is to make solar systems as seamless as any other home appliance, offering services like annual checkups, health reports and faster support.
SolarSquare is also scaling up its on-ground marketing network through its ‘solar captain’ programme, which engages local influencers to promote solar adoption in housing societies and neighbourhoods. The company is forming partnerships with real estate developers, electric vehicle ecosystem players and financial institutions to promote bundled solar solutions. It also plans to open experience centres to provide in-person consultations and product demonstrations.
In December 2024, the company raised $40 million in a Series B funding round, led by Lightspeed, with participation from Lightrock, Elevation Lowercarbon, and Rainmatter. This is the largest funding round so far for a residential solar startup in India. Jain said the company is currently not seeking additional funds but may consider a Series C round in FY26 to support its global plans.
SolarSquare expects to reach profitability by FY27. The company is focused on improving operational efficiency through innovations such as its WindPro Mount system, faster installation, micro-warehousing, and a growing share of business from referrals and bulk orders. High-margin services like maintenance and improved technology are also helping reduce costs and improve customer satisfaction.