Funding Alert Press Release Solar

India’s Goldi Solar raises $171m led by Havells

• ByStartupStory     |    October 30, 2025

India’s Goldi Solar, one of the country’s largest solar module manufacturers, has successfully raised $171 million (₹14.22 billion) in a growth capital round led by electrical equipment major Havells India. This substantial funding will fuel the expansion of Goldi Solar’s manufacturing capacities, particularly scaling up solar cell production at its Gujarat facilities.

The funding round saw participation from prominent investors including Ambit Global Private Client, Zerodha co-founder Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, and NSFO Ventures. The transaction was advised by SBI Capital Markets and Saraf and Partners.

Goldi Solar plans to quintuple its annual photovoltaic (PV) module manufacturing capacity to approximately 14.7 gigawatts, while accelerating the adoption of cutting-edge, high-efficiency solar technologies. This move aligns with India’s broader clean energy goals as the nation aims to double its non-fossil fuel power capacity to 500 gigawatts in coming years.

The funding boost comes amid government initiatives like the “Make in India” program, aimed at reducing reliance on cheaper imports of solar cells from China. Starting June 2026, new government clean energy projects and tenders will require the use of domestically manufactured solar modules and cells, benefiting companies like Goldi Solar.

This investment reaffirms growing investor confidence in India’s solar manufacturing sector and highlights the increasing importance of home-grown sustainable energy solutions in the country’s energy transition.

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