Indian rooftop solar startup SolarSquare is in advanced talks to raise US$55 million to US$60 million in a series C round co-led by B Capital and Lightspeed Venture Partners, according to a report.

The deal could value the company at US$450 million to US$500 million, and existing investor Elevation Capital could also join. Terms could still change.

If completed, the round would more than double SolarSquare’s valuation from about US$200 million after its December 2024 US$40 million series B.

Founded in 2015, Mumbai-based SolarSquare installs rooftop solar systems for homes and housing societies, such as apartment complexes and gated communities.

The fundraising comes as India pushes rooftop solar adoption through subsidy schemes, including PM Surya Ghar, which offers up to 78,000 rupees (US$810) in subsidies for residential systems of 3 kilowatts and above.

🔗 Source: TechCrunch