B Capital and Lightspeed are co-leading the Series C, doubling the startup's valuation in 18 months. India is now the world's third-largest solar producer.

SolarSquare could be valued at up to $500 million in the financing expected to close next month.

SolarSquare has raised $40 million in a round led by Lightspeed in what is the largest venture round in India's solar sector. The Mumbai-based startup was bootstrapped and profitably selling to ...