Quick Take
- MS Dhoni invests in SolarSquare through family office Midas Deals, joining its $53 Mn Series C.
- B Capital led the Rs 510 Cr round, valuing SolarSquare at roughly $470 Mn.
- Dhoni also becomes brand ambassador as the company targets 30 to 40 new cities.
In This Article
MS Dhoni backs SolarSquare with an undisclosed investment through his family office Midas Deals, joining the residential rooftop solar company’s $53 Mn (Rs 511 Cr) Series C round led by B Capital, announced on July 21, 2026.
The former India captain also takes on the brand ambassador role at SolarSquare, the Mumbai company that has powered close to 50,000 homes across 29 cities. SolarSquare closed the Series C in June 2026, calling it the largest venture capital cheque written into India’s solar sector, according to the company announcement.
StartupFeed Insight
The cheque size matters less than the signal. Dhoni’s family office has written into insurance (Acko), gaming (LightFury) and audio (Kuku), all consumer-trust categories where the purchase decision is high-anxiety. Rooftop solar fits that pattern exactly: a Rs 2 Lakh outlay, a 25-year promise, and a customer who fears being abandoned after installation. That is a trust problem, not a technology problem, and celebrity equity is cheaper than performance marketing at scale. StartupFeed expects at least two rival residential solar brands to sign celebrity investor-ambassadors before March 2027, and expects customer acquisition cost, not panel cost, to decide who leads this category. By Soumya Verma.
Deal Breakdown: The Numbers Behind the Round
SolarSquare raised $53 Mn (Rs 511 Cr) in a Series C round led by B Capital, with Dhoni entering as one of several participants. Regulatory filings with the Registrar of Companies show the board issued 11,969 Series C compulsorily convertible preference shares at Rs 4,26,112 each. The round values the company at roughly $470 Mn.
| Metric | Detail | Notes |
|---|---|---|
| Total Raise | $53 Mn (Rs 511 Cr) | RoC filings, at Rs 96.44 per USD |
| Lead Investor | B Capital | Rs 287.7 Cr, the largest single cheque |
| Round Type | Series C | Lightspeed, Elevation, Lowercarbon, Rainmatter, Good Capital returned |
| Dhoni’s Vehicle | Midas Deals | Amount undisclosed, company statement |
| Previous Round | $40 Mn Series B | Led by Lightspeed, December 2024 |
| Cumulative Raised | Over $100 Mn | Across five rounds since 2015 |
Co-founders Neeraj Jain, Shreya Mishra and Nikhil Nahar together retain 27.54% of the company after the round, per RoC filings. That is an unusually high founder holding for a Series C stage hardware-heavy business.
About SolarSquare
SolarSquare designs and installs rooftop solar systems for Indian homes, housing societies and commercial buildings. Founded in 2015 by IIT Bombay alumni Shreya Mishra, Neeraj Jain and Nikhil Nahar, the Mumbai company runs an end-to-end model covering consultation, 3D design, installation, subsidy paperwork, financing and five-year maintenance. It has powered nearly 50,000 homes and run-rates over Rs 1,000 Cr in revenue. Backers include B Capital, Lightspeed and Elevation Capital.
Why did MS Dhoni back SolarSquare?
Dhoni framed the decision around India’s energy security rather than returns. His family office Midas Deals has used the same investor-plus-ambassador structure before, notably with digital insurer Acko in July 2025.
For me, this is much bigger than investing in a company. It’s about investing in India’s future. Energy security and clean energy are priorities that will define India’s next decade, said MS Dhoni.
Shreya Mishra, Co-founder and CEO, pointed to trust as the reason for the tie-up, saying Dhoni has carried the expectations of a billion Indians for two decades and that this sets the benchmark her company wants with customers. The logic is commercial. Residential solar asks a homeowner to spend upfront on a system that pays back over years, so brand credibility does heavy lifting in the sale.
How will SolarSquare use the funds?
SolarSquare will deploy the Series C capital across geographic expansion into 30 to 40 new cities, technology investment, hiring and new financing products. The company currently operates in 29 cities across 10 states, so the plan roughly doubles its footprint.
Beyond installation, the company wants to add battery storage and home energy management, moving from a one-time hardware sale toward a recurring home-energy relationship. Mishra has said the category has inflected, with 1 Lakh Indian homes now adopting solar every 10 days against 1 Lakh per year five years ago.
Government support underpins that shift. Under the PM Surya Ghar: Muft Bijli Yojana, households get central subsidies of up to Rs 78,000 for systems above 3 kW. The Ministry of New and Renewable Energy reported 19.17 Lakh rooftop systems installed and Rs 13,793 Cr disbursed as Central Financial Assistance as of December 2025.
Who competes with SolarSquare in rooftop solar?
SolarSquare competes with a fragmented field of residential solar installers, most of them regional and thinly capitalised. Its funding lead is the widest gap in the category.
| Company | Focus | Scale Signal |
|---|---|---|
| SolarSquare | Residential, end-to-end | ~50,000 homes, 29 cities, Rs 1,000 Cr run rate |
| ZunRoof | Residential rooftop | Early-stage funding, smaller city coverage |
| Freyr Energy | Residential and SME | Channel partner led distribution model |
SolarSquare’s differentiator is vertical integration plus a savings guarantee with a money-back promise, a warranty structure rivals have not matched. Its FY25 operating revenue doubled to Rs 355 Cr from Rs 175 Cr in FY24, while losses narrowed 46% to Rs 37 Cr, per MCA (Ministry of Corporate Affairs) filings.
What’s Next
Watch for the first Dhoni-fronted campaign, likely timed to the festive quarter when home improvement spending peaks. The 30 to 40 city expansion should show up as new service pincodes by early FY27. The harder test is whether battery storage and financing attach rates rise enough to justify the $470 Mn valuation. Can a cricket icon shorten a five-year payback in the buyer’s mind?
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