changeadminSolar photovoltaic (PV) module manufacturer Goldi Solar has raised Rs 137.5 crore (~ US$16 million) from Zerodha co-founder and investor Nikhil Kamath.
Founded in 2011 by Ishverbhai Dholakia, Goldi Solar is one of India’s leading module manufacturers with state-of-the-art facilities in Surat. The company’s manufacturing capacity has increased from 2.5 GW in FY23 to 14.7 GW.
The company manufactures polycrystalline and monocrystalline solar modules, which can be used across utility, commercial, residential, agricultural and street lighting systems applications.
This is the second major investment for the solar PV manufacturing company. Earlier this year, Indian electrical equipment company, Havells India, announced a binding agreement to invest Rs 600 crore (~ US$70 million) in Goldi Solar.
The fresh fund infusion will help Goldi Solar expand its production and serve both domestic and export markets.
India’s domestic solar and renewable energy market is rising rapidly as the country has set a goal to achieve 500 GW of non-fossil fuel capacity by 2030 to boost its decarbonization efforts.
Besides module manufacturing, the Surat-based company also offers Engineering, Procurement, and Construction (EPC) services for solar projects.
In March 2025, Goldi Solar launched India’s first AI-powered solar manufacturing facility, that will will help in quality control and detect and eliminate defects at a microscopic level.
The investment comes amid India’s rise as a solar PV module manufacturer, supported by the government’s Production Linked Incentive (PLI) scheme, which provides incentives for local manufacturers.
Launched in 2019, through the PLI Scheme for solar PV manufacturing, the Indian government intends to provide a cumulative support of more than Rs. 18,500 Crore (~ US$2.1 billion).
In mid-August 2025, India achieved a landmark milestone of 100 GW of solar PV module manufacturing capacity listed under the Approved List of Models and Manufacturers (ALMM) for Solar PV Modules.
Goldi Sun Private Limited is part of the approved manufacturers included in the ALMM list under India’s Ministry of New and Renewable Energy (MNRE).
Incorporated in 2020, Goldi Sun is a subsidiary of Goldi Solar Private Limited and intends to carry out manufacturing-related business.
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