RSPL has raised $3 million in a seed round led by Equirus Innovatex Fund and Artha Venture Fund
The company plans to focus on R&D and product development of in-house CZ silicon ingot growth systems
Initially targeting 10–12 inch solar-grade ingots, RSPL aims for commercialization within 18 months with longer-term plans to support semiconductor-grade wafer production
Raana Semiconductors Private Ltd (RSPL), a semiconductor manufacturer based in Tamil Nadu, India, has raised $3 million in seed funding. The company plans to use the capital to develop Czochralski (CZ) silicon ingot growth systems.
Founded in 2015, RSPL claims it is the only private player in India with an exclusive focus on CZ crystal growth equipment. Currently, the company supplies turnkey silicon ingot growth systems, and offers installation, commissioning, and after-sales support. Indian companies are usually dependent on overseas suppliers in this space.
RSPL aims to invest in research and development (R&D) and product development of indigenously designed silicon ingot growth systems, initially targeting the production of 10-12 inch solar-grade silicon ingots.
Crystal growth machines are used to create ingots from high-purity silicon, which are then sliced into wafers for use in solar cells. The CZ method is the industry standard to create high-purity monocrystalline silicon.
In a company statement widely reported, RSPL Founder and CEO Rajasekar Elavarasan shared that his company will aim to commercialize its CZ growth systems for the solar industry within the next 18 months. In the future, it will also support semiconductor-grade wafer production, targeting over INR 2 billion in revenues over the next 3 to 4 years.
The funding round was led by Equirus Innovatex Fund and Artha Venture Fund. It also saw participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana.
“This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems,” said Elavarasan.
A few months earlier, RSPL announced receiving orders worth over INR 1 billion for the supply of CZ crystal growth systems for semiconductor-grade silicon crystals and advanced quantum materials.
For FY26, it has secured confirmed orders worth INR 120 million from various government departments and national laboratories.
Currently, India is dependent on imported silicon wafers for solar cell production. The government plans to bring in an Approved List of Models and Manufacturers (ALMM) for solar wafers from June 1, 2028, that will mandate the use of domestically produced solar wafers (see India’s MNRE Proposes ALMM List-III For Solar Wafers).
In a recent report on the Indian solar manufacturing space, The Energy and Resources Institute (TERI) called for a Production Linked Incentive (PLI) scheme for solar manufacturing equipment to reduce its reliance on imported factory equipment (see India To Evolve From ‘GW-Buyer To GW-Maker’ Across Solar Supply Chain).
TaiyangNews is bringing together the Indian solar PV manufacturing industry for the Solar Technology Conference India 2026 (STC.I 2026). To be held on February 5 and 6 in Aerocity, New Delhi, this 2nd edition of the TaiyangNews physical conference will also have banks, investors, and policymakers in attendance, including Alekhya Datta and Aniket Tiwari of TERI. Register for the event here.