India's SolarSquare is raising $60M at a $500M valuation. It has powered 50,000 homes.

TL;DRSolarSquare is raising up to $60M at a $500M valuation from B Capital and Lightspeed. Its ARR has crossed $104M.

SolarSquare, an Indian rooftop solar startup, is in advanced talks to raise $55 million to $60 million at a valuation between $450 million and $500 million, TechCrunch reports. B Capital and Lightspeed Venture Partners are set to co-lead the Series C round. The deal would more than double SolarSquare’s valuation from 18 months ago.

Lightspeed led the company’s $40 million Series B at roughly $200 million post-money in December 2024. This time, it is investing through its growth fund, which has backed Razorpay and Zepto. Existing investor Elevation Capital is also expected to participate.

The financing has not yet closed and terms could still change. SolarSquare has raised $61.1 million in equity to date. The round is expected to close next month.

The 💜 of EU techThe latest rumblings from the EU tech scene, a story from our wise ol' founder Boris, and some questionable AI art. It's free, every week, in your inbox. Sign up now!Mumbai-headquartered SolarSquare was founded in 2015. It designs, installs, and maintains rooftop solar systems for homes, housing societies, and enterprises. It has installed more than 150 megawatts of capacity across 29 cities in nine states.