Renewable Energy Player Goldi Solar Raises ₹1,400 Crore In Funding Round Led By Consumer Electrical Goods Maker Havells India

New Delhi: Renewable energy player Goldi Solar on Wednesday said it has raised over Rs 1,400 crore in a funding round led by consumer electrical goods maker Havells India Ltd.Besides, various high-net-worth individuals (HNIs), institutional and strategic investors have participated in the capital infusion, the Gujarat-based module maker said.

In a statement, Goldi Solar said it has "secured a landmark growth capital infusion led by Havells India, alongside a distinguished consortium of high-net-worth individuals (HNIs), institutional, strategic, and prominent investors." The company has raised a total of Rs 1,422 crore from multiple investors, and the capital will be used to fund future growth plans.

Other prominent investors and family businesses are Ambit Global Private Client, Nikhil Kamath, Shahi Exports Pvt Ltd, SRF Transnational Holdings Ltd, Karmav Real Estate Holdings LLP, NSFO Ventures LLP, and Godwitt Construction Pvt Ltd.

According to market sources, Havells has infused Rs 600 crore into Goldi Solar, while Kamath, co-founder of the brokerage Zerodha, has invested around Rs 140 crore. A few sportspersons have also participated in the funding round.These value-aligned investors are among India's most forward-thinking capital providers and bring extensive expertise in sustainable growth initiatives.

The growth capital infusion was advised by SBI Capital Markets Ltd, with Saraf and Partners serving as company counsel, ensuring robust governance and strategic direction throughout the process.Through these investments, the consortium will actively support Goldi Solar's expansion plans.The funding will facilitate Goldi Solar's manufacturing capacity expansion, strengthen backward integration into solar cell production, accelerate innovation in high-efficiency solar technologies, and expand the company's go-to-market efforts.

Goldi Solar Founder and MD Ishver Dholakiya said, "With the backing of partners like Havells and other esteemed investors, we are empowered to scale new heights in solar manufacturing and innovation. Together, we will drive the next wave of growth, setting new benchmarks in governance, sustainability, and performance." Surat-based Goldi Solar has expanded its solar PV module manufacturing capacity nearly five-fold from 3 GW to 14.7 GW in the last 12 months. The company is also developing solar cell manufacturing facility 1.2 GW in Gujarat. 

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