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SolarSquare in talks to raise up to $60M as India’s rooftop solar market draws major VC interest

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SolarSquare, an Indian rooftop solar startup that helps households and housing societies adopt solar power, is in advanced talks to raise fresh capital after securing India’s largest solar venture investment in December 2024, TechCrunch has learned.

B Capital and Lightspeed Venture Partners are set to co-lead the Series C round, which could value SolarSquare at between $450 million and $500 million and bring in $55 million to $60 million in new investment, according to multiple people familiar with the matter. That would represent more than a doubling of SolarSquare’s valuation in roughly 18 months — a sign of how rapidly investor conviction is building around India’s residential solar market.

Lightspeed Venture Partners previously led SolarSquare’s $40 million Series B round at around a $200 million post-money valuation in December 2024. This time, according to a source, it’s investing through its growth fund, which has backed names such as Razorpay — India’s leading digital payments platform — and Zepto, the fast-delivery startup.

Existing investor Elevation Capital is also expected to participate in the deal, which is currently in advanced stages and is expected to close next month. The terms could still change as the financing has not yet been finalized. SolarSquare has raised $61.1 million in equity financing to date, per the startup data platform Tracxn.

India has set a target of achieving 500 gigawatts of renewable energy capacity by 2030, with solar expected to contribute more than half of that total. The country became the world’s third-largest solar power producer in 2025, trailing only China and the U.S. Its cumulative installed solar capacity has surged from about 3 GW in 2014 to more than 150 GW in 2026, aided partly by government incentives and subsidy schemes aimed at accelerating rooftop solar adoption.

Mumbai-headquartered SolarSquare, founded in 2015, is positioning itself as a full-stack residential solar platform in a market that remains highly fragmented, dominated by small local installers and dealer networks tied to component manufacturers such as Tata Power, Waaree Energies, Luminous Power Technologies, and Exide Industries. The startup designs, installs, and maintains rooftop solar systems for homes, housing societies (the apartment complexes and gated communities common across urban India), and enterprises, and has installed more than 150 megawatts of solar capacity with a presence across 29 cities in nine states, per its website.

SolarSquare has powered nearly 50,000 homes and around 400 housing societies, according to a source. The startup has also deployed rooftop solar systems for large enterprises including Swiggy, Zepto, and iD Fresh Food.

Residential customers and housing societies now account for a majority of SolarSquare’s business, according to people familiar with the startup’s operations, as the startup has increasingly scaled back lower-margin industrial rooftop solar projects in recent years.

The startup has crossed an annualized revenue run rate of more than ₹10 billion (around $104 million) across homes and housing societies combined, according to a source familiar with the matter. It also aims to reach 200 megawatts in its residential solar portfolio this year, the source added.

SolarSquare declined to comment. B Capital, Lightspeed Venture Partners, and Elevation Capital did not respond to requests for comment.

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Nigerian Trio Sign First Professional Contracts with Portsmouth FC

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Three young footballers with Nigerian roots, Chinedu Agu, Michael Ani, and Nathaniel Chioma, have taken a significant step in their careers after signing their first professional contracts with English club Portsmouth FC.

READ ALSO: Ikon Allah Football Academy Of Kaduna Hits Another Transfer Jackpot In Romania 

Sports247 reports that the talented trio, who have all progressed through Portsmouth’s academy system, have been rewarded for their impressive development with professional deals that bring them closer to achieving their dream of first-team football.

Their latest achievement marks a major milestone, not only for the players themselves but also for their families and supporters who have followed their journeys through the youth ranks at the English club.

Signing a first professional contract is often regarded as one of the defining moments in a young footballer’s career, symbolising the transition from academy football to the professional game.

For Agu, Ani, and Chioma, it represents the beginning of an exciting new chapter and an opportunity to continue their development within the Portsmouth setup.

The trio will now aim to build on their progress and work towards earning opportunities with the club’s senior team, with hopes of eventually making their professional debuts for the Pompey family.

Their success also provides another positive story for Nigerian football, highlighting the growing number of players of Nigerian descent making their mark within some of Europe’s leading academy systems.

Over the years, England has produced several footballers with Nigerian roots who have gone on to enjoy successful professional careers, and the emergence of Agu, Ani, and Chioma will undoubtedly be closely monitored by football followers in both Nigeria and England.

The development is a source of pride for Nigerian football enthusiasts, who continue to celebrate the achievements of young talents connected to the country excelling abroad.

As they embark on their professional journeys in Hampshire, the three youngsters will be hoping to justify the faith shown in them and continue their steady rise through the ranks.

For Chinedu Agu, Michael Ani, and Nathaniel Chioma, the dream of professional football has officially begun.

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Midjourney wants Hollywood studios to reveal the details of their AI usage

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As part of an ongoing legal dispute with three Hollywood studios, AI startup Midjourney is seeking to compel those studios to reveal how they use AI themselves.

Disney and Universal sued Midjourney for alleged copyright infringement last year, noting that the startup’s image-generation models could create images of characters, such as Bart Simpson and Darth Vader, who are owned by the studios. A few months later, Warner Bros. sued Midjourney as well.

The startup argues that training its AI models on images of copyrighted characters is permitted under fair use. 

The current dispute revolves around the documentation the studios will need to produce during the discovery process. A judge previously ruled that the studios would indeed have to provide information about their generative AI usage – but only when it led to “consumer-facing” videos and images.

In its latest filing, Midjourney seeks to overturn that limitation, arguing that it “unfairly” allows the studios “to cherry-pick only those documents they believe support their market harm claims while depriving Midjourney of documents that would support its defenses.”

Midjourney goes on to claim that the “documents [the studios] are withholding are precisely those that would reveal whether, behind closed doors, they are doing exactly what they are suing Midjourney for doing.”

For example, the startup says that if the studios are developing image-generating AI models  “for internal use in storyboarding or ideating content for film or TV, that evidence would equally demonstrate that it is an industry custom, even among the studios themselves, to download and train AI on unlicensed copyrighted content.”

In the filing, the startup also argues that the studios should reveal all the prompts they used in Midjourney, as well as the resulting outputs, not just the prompts that produced the allegedly infringing images.

The studios’ lead attorney David Singer previously claimed Midjourney was seeking this documentation as part of a “fishing expedition.” 

He also said the studios “do not seek to stop AI technology or even shut down Midjourney’s business,” but rather “simply want Midjourney to stop copying their movies and TV shows and to stop distributing, publicly displaying, publicly performing, and creating derivative works that include copies of [their] famous characters without authorization.”

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