SolarSquare announced that MS Dhoni, the former Indian cricket team captain, has invested in the company. His family office, Midas Deals, executed the strategic capital investment. The move is part of SolarSquare’s recently completed $53 million Series C investment round. In addition to financial support, MS Dhoni has now been appointed the brand ambassador, with the goal of creating consumer awareness and driving the adoption of clean energy systems in Indian homes.

Funding round and ownership structure

MS Dhoni’s involvement in this project emphasizes the rise in the popularity of residential solar solutions in India. The signing of the deal with a startup that focuses on expanding rooftop installations gives the iconic cricketer increased visibility in the home energy space. This collaboration reflects a shared vision of bringing clean energy to the fingertips of everyday people and extending the reach of MS Dhoni through his efforts to promote sustainable energy solutions across the country.

This significant investment demonstrates investor confidence in the execution of SolarSquare’s business and financial performance. Global investment firm B Capital led the capital raise, contributing $30 million to the startup. Established institutional investors also showed significant faith in the project, revisiting the project for this round. 

Lightspeed Venture Partners invested $8.3 million, and Lowercarbon Capital contributed $6.8 million. Other key market players who also took part in the equity deal were Good Capital, Rainmatter Capital, and Better Capital, along with MS Dhoni’s family office, Midas Deals.

With the completion of the deal, the current valuation of SolarSquare through the Series C financing is valued at $470 million post-money, nearly double the amount from its last funding of $40 million in December 2024. The latest financing marks the company raising more than $90 million in less than 24 months.

From an ownership perspective, the largest outside investor is Lowercarbon Capital with a stake of 16.09%, followed by Elevation Capital, Lightspeed Venture Partners, and Good Capital with a stake of 15.23%, 9.91%, and 8.24%, respectively. On the other hand, the founders’ management team retains 27.54%.

Growth objectives and financial metrics

The company SolarSquare was co-founded by Shreya Mishra, Nikhil Nahar, and Neeraj Jain in 2015 and has now become one of the best companies in the rooftop solar space. The start-up offers end-to-end execution of solar installation for homeowners.

It offers a wide range of options including initial consultation, tailored system design, home installation, financial help, performance tracking in real time, and post-sales maintenance services. SolarSquare aims to reduce structural friction for the homeowner who currently uses traditional grid electricity.

The company has generated meaningful operational revenues in the most recent fiscal periods through commercial execution. In the fiscal year ended March 2025, SolarSquare increased its operating revenue by nearly 100% from ₹175 crore in FY24 to ₹355 crore. 

The firm’s operating losses fell by 46% to ₹37 crore in the same reporting quarter highlighting the unit economics and operating leverage. SolarSquare also finds a place in a rapidly expanding market, simultaneously competing with other companies such as ZunRoof, Glow, Mysun, Oorjan Cleantech, and Freyr Energy.

With a capital injection of $53 million, SolarSquare has mapped out an exhaustive rollout plan to expand its reach throughout the country. The company aims to leverage the funds raised through the sale for its physical expansion to 30 to 40 new cities, which are outside its reach in terms of coverage. 

Beyond geographic expansion, SolarSquare will invest heavily in its proprietary technology platform, talent acquisition for engineering and field workforce, and in increasing financing options to reduce the hard cost threshold for potential consumers.

MS Dhoni as a brand ambassador aims to tackle the category-level trust issues in the housing solar segment. The partnership aims to inform consumers of the reliability of the products, their durability, and the long-term cost benefits. 

With the backing of SolarSquare, its eco-friendly initiative has been endorsed by Aravinda Mehra, and combining the institutional moat, the celebrity endorsement and the end-to-end service capability will look perfect for the next phase of enterprise growth as electricity costs continue to rise for more Indian households.

Conclusion

India’s rooftop solar industry has made a significant step forward with the completion of SolarSquare’s $53 million Series C funding, which received backing from prominent institutional investors and MS Dhoni’s Midas Deals. The startup is valued at $470 million and has more than doubled its revenues, marking proof that its end-to-end residential solar model is commercially viable. MS Dhoni’s presence, SolarSquare’s new capital inflows, and its mass-market credibility are ensuring it can bring clean and sustainable energy to homes in dozens of new cities.