By: Karan Mohla,  Jeff Johnson, Karly Wentz, Deepanshu Pattanayak, Akash Khandelwal, Nate Johnson and Eric Brook

 

India is on track to add more energy demand over the next decade than any other country.^[1] Its electricity consumption has risen about 5% a year since 2019,^[2] and the International Energy Agency expects it to grow even faster by more than 6% annually through 2030, roughly three times the pace of the United States, as households add air conditioning and appliances and the wider economy electrifies.^[3] Peak power demand has already nearly doubled from 148 GW to 270.8 GW since 2014.^{[4] , [5]} Solar has carried much of that load. It now accounts for roughly two-thirds of all new generation capacity India has added since 2019, and the country installed a record 50 GW of solar in 2025 alone. ^[2] Cumulative solar capacity has climbed from under 3 GW in 2014 to more than 150 GW today, making India the third-largest solar market in the world behind only China and the United States.^{[6] , [7]} For tens of millions of homeowners, putting solar panels on their own roof has become the most direct way to push back on a rising electricity bill, and government policy has helped accelerate its adoption nationwide.

That is why B Capital is excited to lead the $53M Series C in SolarSquare, which is at the forefront of India’s deployment of distributed solar. Founded in 2015 and headquartered in Mumbai, SolarSquare is a full-stack residential rooftop solar company that manages the entire homeowner journey, from consultation and system design through financing, installation and long-term maintenance, and backs every system with a multi-year generation guarantee.

 

India’s Energy Transition Runs Through the Home

India’s power challenge is not only about generating more electricity; it is about delivering it. Power still has to travel long distances over a transmission and distribution network that loses a meaningful share of it along the way, and the cost of serving demand at the last mile keeps rising. Distributed rooftop solar attacks that problem directly: it generates electricity at the point of consumption, easing strain on the grid and reducing a homeowner’s exposure to utility rate increases over time.

Government policy has accelerated adoption at an unprecedented scale. India is targeting 500 GW of non-fossil power capacity by 2030, and residential rooftop solar is central to that push.^[8] In February 2024 Prime Minister Narendra Modi launched the PM Surya Ghar: Muft Bijli Yojana, the world’s largest domestic rooftop solar program, with an outlay of ₹75,021 crore (roughly $7.9B). The program provides a subsidy of up to 40% of system cost, capped at about ₹78,000 (about $800), with a target of installing rooftop solar on 10M households by March 2027.^[9]

The headroom is enormous. The Council on Energy, Environment and Water, India’s leading energy policy institute, estimates that roughly 250M Indian households could host about 637 GW of rooftop solar, and that deploying just a third of that potential would cover the entire residential sector’s electricity demand.^[10] Yet adoption is still in the single digits. Just over three million households had installed rooftop solar under the national program by early 2026,^[11] barely 5% of the eligible Indian household base,^[12] compared with roughly 33% of homes in Australia, the world leader in residential solar.^[13] With hundreds of millions of eligible households still unserved, residential solar represents one of the largest and least penetrated opportunities in India’s energy transition.

 

Economics Drive the Purchase

For the homeowner, the case is increasingly hard to ignore. Solar has become one of the cheapest sources of electricity in the world,^[14] and in India the advantage now reaches the roof. A rooftop system pays for itself within a few years and then keeps generating for two decades or more, even as utility rates continue to climb. The economics are especially favorable in India: low equipment and installation costs combine with abundant year-round sunlight, so a system generates more energy per dollar invested than in most markets.

Two factors make that return even more compelling: the PM Surya Ghar subsidy shortens the payback, and because SolarSquare guarantees a minimum level of generation, the homeowner’s savings are not left to chance.

 

A Business That Compounds

What sets SolarSquare apart is that the model compounds. In a market historically served by fragmented local installers, SolarSquare owns the entire homeowner journey, from system design and financing through installation and years of maintenance, all under a single brand. That control is the foundation of its economics: it holds quality to a consistent standard and builds the trust that, in a high-consideration purchase that has to perform for 20-25 years, converts directly into pricing power. Where a fragmented installer base competes mostly on price, SolarSquare competes on confidence, and that confidence commands a premium over commodity installers.

That premium is the start of a flywheel. SolarSquare backs every system with a generation performance guarantee and it monitors performance across its installed base through a proprietary technology platform. Each satisfied homeowner strengthens the brand and refers the next, which lowers the cost of winning customers and funds further installs, while every install also adds to a growing base of recurring revenue through maintenance and future products to be layered on over time. Scale builds trust, trust lowers the cost of growth, and growth deepens the recurring base, each turn reinforcing the next.

None of this depends on breakthrough hardware. The solar panels and inverters are off-the-shelf. SolarSquare’s advantage lies in what it builds around them: a proprietary mounting system engineered for rapid installation and resilience through India’s storms and monsoons, combined with the operational discipline to install every system to a consistent standard and monitor performance for years. In a fragmented market, execution, reliability and customer trust are more durable competitive advantages than the hardware.

 

A Long Runway for Growth

From effectively zero residential five years ago, SolarSquare now powers nearly 50,000 homes across 29 cities in nine states^[15] and there remains plenty of room to run across three key vectors. The first is existing market penetration: the company has barely scratched the surface of even its current cities, let alone the hundreds of millions of eligible homes still unserved nationwide. The second is new markets: it plans to use this capital to expand into an additional 30-40 cities, concentrating on India’s leading rooftop markets such as Gujarat, Maharashtra, Uttar Pradesh, Kerala and Rajasthan. The third is product expansion: rooftop solar is the entry point, but financing, battery storage and home energy management can layer recurring revenue and deeper customer relationships onto the installed base.

 

The Team Building India’s Home Energy Brand

Our conviction in this team predates the investment in SolarSquare. Karan Mohla, who leads B Capital’s investing across South and Southeast Asia, first backed Co-Founder and CEO Shreya Mishra years ago at her previous company and has followed her closely ever since. Leading this round and joining the SolarSquare board is the continuation of a relationship built over a decade of watching her operate.

SolarSquare is led by a founding team that pairs deep solar operating experience with a rare instinct for the Indian consumer. Shreya is a former Boston Consulting Group consultant and second-time founder who previously built Flyrobe, a consumer fashion rental company that was acquired in 2019.

Her co-founders bring deep operating experience. Neeraj Jain, who leads finance and operations, is an IIT Bombay engineer and former Deutsche Bank dealmaker. Nikhil Nahar, who leads product and technology, spent years in engineering and management roles across Panasonic and Tech Mahindra. This is a team that understands rooftop solar, its hardware, its economics and its customer, end to end.

 

The Home Is India’s Next Energy Frontier

We believe the next decade of India’s energy transition will be won in the home. The country is adding clean generation closer to the customer faster than it can expand the grid that serves them, and the companies that earn homeowners’ trust in that transition stand to create enormous long-term value.

SolarSquare is positioned to be one of them, with the opportunity to grow from rooftop installer into the trusted home energy platform for Indian households. As India’s power system places greater value on storage and the ability to serve evening peak demand, and as time-of-day pricing ^a and net metering ^b reform reshape how households buy and store power, an operator that already owns the rooftop, the data and the customer relationship is uniquely positioned to lead.

Backing a company like SolarSquare is exactly where B Capital’s model stands out. We are a global firm with investment teams across the United States and Asia, including a team that has spent years investing across India and is deeply integrated into the country’s startup landscape. That pairing of a global platform with genuine local presence and long-standing founder relationships is what lets us identify opportunities like SolarSquare early and underwrite them with conviction that is hard to build from the outside.

We are proud to partner with Shreya, Neeraj, Nikhil and the SolarSquare team as they build the home energy brand for the world’s fastest-growing residential solar market.

The investment was led by Karan Mohla (General Partner, Asia), Jeff Johnson (General Partner, Head of Energy), alongside Karly Wentz (Partner, Energy), with investment team members Deepanshu Pattanayak, Akash Khandelwal, Nate Johnson and Eric Brook.

 

 

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LEGAL DISCLAIMER
All information is as of June 18, 2026 and subject to change. The investment discussed herein is a portfolio company of B Capital; however, such investment does not represent all B Capital investments. Certain statements reflected herein reflect the subjective opinions and views of B Capital personnel. Such statements cannot be independently verified and are subject to change. Reference to third-party firms or businesses does not imply affiliation with or endorsement by such firms or businesses. It should not be assumed that any investments or companies identified and discussed herein were or will be profitable. Past performance is not indicative of future results. The information herein does not constitute or form part of an offer to issue or sell, or a solicitation of an offer to subscribe or buy, any securities or other financial instruments, nor does it constitute a financial promotion, investment advice or an inducement or incitement to participate in any product, offering or investment. Much of the relevant information is derived directly from various sources which B Capital believes to be reliable, but without independent verification. This information is provided for reference only and the companies described herein may not be representative of all relevant companies or B Capital investments. You should not rely upon this information to form the definitive basis for any decision, contract, commitment or action. Any forward-looking statements are based solely on information provided by the company or on publicly available data and reflect the views of the authors as of the date of publication.

NOTE
Currency conversions throughout this piece use an exchange rate of approximately ₹94.5 per 1 US dollar, as of June 18, 2026.

DEFINITIONS

1. Time-of-day (ToD) tariff: An electricity price that varies by time of day, charging more during peak demand hours and less off-peak.
2. Net metering: A billing arrangement that credits a solar owner for surplus electricity their system exports back to the grid.

SOURCES

1. International Energy Agency, “World Energy Outlook 2025,” October 2025 [1]
2. International Energy Agency, “India’s electricity demand grows at night: Managing rising cooling demand,” June 3, 2026 [2]
3. International Energy Agency, “Electricity 2026,” February 2026 [3]
4. International Energy Agency, “Electricity 2025,” January 2025 [4]
5. Ministry of Power, “Government of India, all-India peak power demand announcement,” May 21, 2026 [5]
6. Press Information Bureau / Ministry of New and Renewable Energy, “India Ranks third globally in Renewable Energy Installed Capacity: Shri Pralhad Joshi,” April 8, 2026 [6]
7. IRENA, “Renewable Capacity Statistics 2026,” 2026 [7]
8. Press Information Bureau / Ministry of New and Renewable Energy, “Government declares plan to add 50 GW of renewable energy capacity annually for next 5 years to achieve the target of 500 GW by 2030,” April 5, 2023 [8]
9. Press Information Bureau / Ministry of New and Renewable Energy, Government of India, “PM Surya Ghar: Muft Bijli Yojana,” 2024 [9]
10. Council on Energy, Environment and Water (CEEW), “Mapping India’s Residential Rooftop Solar Potential,” November 2023 [10]
11. Press Information Bureau /Ministry of New and Renewable Energy, Government of India, Lok Sabha Starred Question No. 376, “Solarising One Crore Households under PM-SGMBY,” answered March 18, 2026 [11]
12. Business Standard, “3 million homes solarised, 70 million to go: SolarSquare CEO Shreya Mishra,” March 13, 2026 [12]
13. Australian Bureau of Statistics, “Household solar electricity generation in the Australian national accounts,” 2025 [13]
14. International Renewable Energy Agency (IRENA), “Renewable Power Generation Costs in 2024,” July 2025 [14]
15. TechCrunch, “SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest,” May 2026 [15]