Cleantech startup SolarSquare Energy is eyeing a global expansion even as it forays into 30 new cities in the country. “Early conversations are under way and it’s an exciting next step,” Neeraj Jain, co-founder and director, SolarSquare Energy, told FE.
The startup is not actively looking at a fund-raise but could consider a Series C in mid-to-late FY26 to fuel its international expansion. “Our Series B gives us a solid runway till early FY27,” Jain added.
SolarSquare closed a $40 million Series B round in December 2024, led by Lightspeed, with participation from Lightrock, Elevation, Lowercarbon, and Rainmatter, claiming this is the largest mop-up ever by a local residential solar startup.
The startup, which has a presence across 20 cities, believes that rising power bills, government subsidy schemes and increasing awareness about the benefits of residential solar are driving strong consumer interest, especially in Tier 2 and Tier 3 cities.
It is prioritising high-potential states like Uttar Pradesh, Rajasthan, Gujarat, Maharashtra, Madhya Pradesh, and Tamil Nadu, where infrastructure readiness is improving.
“When you consider that only 1% of Indian homes have adopted solar so far, the market opportunity is enormous,” Jain said.
SolarSquare doubled operating revenues to around Rs 340 crore in FY25 and is confident it will maintain strong double-digit growth this year. It is investing in its smart energy stack to offer more powerful real-time insights, predictive maintenance, and proactive diagnostics.
A big growth engine this year for the firm is its post-installation services, maintenance, monitoring and health checkups. The startup is hopeful that this side of the business will grow 4x and will play a key role in building a sustainable margin profile.
The firm is also introducing solar + storage solutions for homes in regions with unreliable grids and also working towards making solar ownership easier with zero-cost EMI plans, new subscription models, and upgraded service packages. “Think annual checkups, health reports, faster support, everything to make solar feel as seamless as owning any modern appliance,” Jain said.
SolarSquare is also scaling its ‘solar captain’ network, comprising local influencers who educate housing societies and neighbourhoods about solar systems. It is also forging partnerships with real estate developers, EV ecosystem players, and financial institutions to embed solar at the point of home purchase or bundled finance.
It is also investing in vernacular content, explainers, and influencer-led campaigns to make solar feel relatable, even aspirational. Further, the firm is also gearing up to open its first set of Experience Centres, where customers will be offered personalised consultations, interactive demos, and expert-led guidance to help homeowners go solar.
“Along with geographical expansion, we are also doubling down on technology investments, building a state-of-the-art remote asset management and monitoring platform for residential solar systems, something that’s been a missing piece in India’s market,” the founder said.
SolarSquare is also targeting to hit profitability by FY27. “ FY25 was about scale, now it’s about efficiency and strong unit economics,” he said.
A few things that Jain believes are driving this shift include its WindPro Mount™ systems that get installed in just 8 hours, which cuts ops costs, setting up city-level micro-warehousing to streamline logistics and over 35% of new business coming from referrals or bulk society orders, which slashes acquisition costs. “We’re also growing high-margin, recurring revenue through professional maintenance services and annual solar health checkups, while smarter tech reduces service calls and boosts customer satisfaction. Geographically, we’re going deeper in high-efficiency markets, states with strong subsidies and lower service overheads,” Jain said.
FY26 will still be an investment year for the firm in terms of expansion, R&D and tech. “But by FY27, our operational flywheel should kick in, pushing us into profitability and setting us up for long-term sustainability and IPO readiness,” Jain added.
According to Mercom India Research, India added 1.2 GW of rooftop solar capacity in the January-March quarter of 2025, marking a 232 per cent increase over the 366.5 MW installed in the corresponding quarter of 2024.