SolarSquare startup increases its valuation to $500 million
Indian startup SolarSquare, specializing in solar panel installations for private homes and residential complexes, is in the final stages of negotiations for a new investment round. According to TechCrunch, the company plans to raise between $55 million and $60 million. As a result, the startup's market valuation is expected to reach between $450 million and $500 million. This is reported by Ixbt.com reports.
This figure indicates that the company's capitalization has more than doubled over the last year and a half. According to reports, the Lightspeed fund will lead this deal through its dedicated growth fund. Previously, this fund has supported major projects such as Razorpay and Zepto. Existing investor Elevation Capital is also expected to participate in the new round.
Such investor interest is linked to the Indian government's ambitious goals in the renewable energy sector. The country plans to reach 500 GW of alternative energy capacity by 2030. Currently, India ranks third in the world in solar energy production after China and the USA. Due to government subsidies, demand for solar panels in the private sector has surged.
Founded in Mumbai in 2015, SolarSquare positions itself as a full-cycle digital platform. The company independently handles the design, installation, and maintenance of solar systems. Today, the startup operates in 29 Indian cities and has provided clean energy to nearly 50,000 private households.
In recent years, the company's management has focused on the high-revenue residential sector. Currently, annual revenue from this segment has exceeded 10 billion rupees (approximately $104 million). SolarSquare aims to increase its portfolio of installed residential solar panels to 200 MW this year.
