India’s SolarSquare is raising $60M at a $500M valuation. It has powered 50,000 homes.
Summary
SolarSquare, an Indian rooftop solar startup, is seeking to raise Series C investment worth about $60 million at an enterprise value of $500 million.
Key Points
- SolarSquare is a full-stack platform company that designs, installs, and maintains residential and commercial rooftop solar systems.
- B Capital and Lightspeed Venture Partners will co-lead this investment, and existing investor Elevation Capital is also expected to participate.
- The company's annual revenue run rate (ARR) has surpassed $104 million (approximately Rs. 100 billion) and has supplied power to over 50,000 homes in India.
Notable Quotes & Details
Notable Data / Quotes
- Investment Attraction Target: USD 55-60 million
- Evaluated Enterprise Value: $450-$500 million
- ARR: USD 104 million (approximately Rs. 100 billion)
- Cumulative installed capacity: over 150 megawatts
- Number of households supplied: approximately 50,000 households
Intended Audience
Solar energy industry insider, investor, Indian market analyst