Goldi Solar has raised INR 1.37 billion from Indian billionaire Nikhil Kamath to expand solar production
The company says its module capacity grew from 3 GW to 14.7 GW across multiple Gujarat facilities within last 12 months
Kamath’s investment will support its vertical integration plans as it targets solar cell production from 2026
Indian solar PV manufacturer Goldi Solar has raised INR 1.37 billion ($16 million) from serial entrepreneur and founder of online retail brokerage firm Zerodha and one of India’s ‘youngest’ billionaires, Nikhil Kamath.
“Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” said Kamath, in a statement covered by various local media outlets. Kamath has not specified his stake in the Indian solar manufacturer.
Goldi Solar counts its annual solar module production capacity at 14.7 GW, that it grew from 3 GW over the last 12 months. This capacity is spread across Gujarat in Pipodara, Navsari, Kosamba and Nana Borsara.
The manufacturer is also venturing into solar cell production which it plans to start from 2026. Kamath’s investment will help it expand its production capacity, stated the company.
Earlier this year, Goldi Solar secured a strategic investment worth INR 6 billion from Havells India Limited for a stake of between 8.90% and 9.24%. This, it said, is part of the manufacturer’s fund raising target of up to INR 13 billion (see India Solar PV News Snippets: ALTÉRRA Invests In Evren For 11 GW RE Pipeline & More).
Like several of its peers, Goldi Solar is reportedly exploring going public with an initial public offering (IPO) in 2026.
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