Mahendra Singh Dhoni has made a strategic investment in Indian rooftop solar startup SolarSquare through his family office Midas Deals and will also serve as the company's brand ambassador, supporting its expansion in India’s growing residential solar market.
- Dhoni invests via family office and joins as brand ambassador.
- SolarSquare raised $53 million in Series C funding led by Lightspeed.
- Startup aims to expand to 30-40 cities and boost tech and financing.
What happened
Former Indian cricket captain Mahendra Singh Dhoni has invested in SolarSquare, a rooftop solar startup, through his family office Midas Deals. Alongside this investment, Dhoni will also take on the role of brand ambassador for the company. This development is part of SolarSquare’s larger $53 million Series C funding round led by Lightspeed, which saw additional participation from Lowercarbon Capital, Rainmatter, and Good Capital.
SolarSquare has not disclosed the exact amount of Dhoni’s investment. The startup intends to use the fresh capital to expand its operations into 30-40 new cities across India. Key growth priorities include strengthening its technology platform, widening financing options available to customers, enhancing customer service and after-sales support, and increasing its workforce through new hires.
Why it matters
SolarSquare’s growth reflects the rapid expansion of India’s residential rooftop solar market, driven by rising electricity tariffs, government subsidies, and increased environmental awareness. The startup has installed systems in over 50,000 homes across 29 cities and operates at an annual revenue run rate of about ₹1,000 crore, underscoring strong market traction since it pivoted to focus on residential rooftop solar in 2021.
Dhoni’s investment also highlights a growing trend of prominent Indian cricketers backing startups and consumer brands, leveraging their public influence to accelerate clean energy adoption. India’s cleantech sector is poised for significant growth, with projections estimating it could become a $152 billion opportunity by 2030, making SolarSquare well-positioned within a booming ecosystem.
What to watch next
Watch for SolarSquare’s expansion into new and tier-2 cities, which will be crucial to capturing the largely untapped residential rooftop solar market estimated at 70 million suitable homes nationwide. The company's ability to scale its technology platform and broaden financing will also be key factors in maintaining competitive advantage and customer accessibility.
Additionally, the impact of Dhoni’s role as brand ambassador may bring increased consumer trust and brand visibility, potentially accelerating adoption. The broader trend of celebrity investment in cleantech startups may continue to shape the ecosystem and public perception, encouraging further capital flow into India’s sustainable energy sector.