 "Goldi Solar raises ₹1,422 crore from investors to boost capacity expansion")
Gujarat-based Goldi Solar, which looks to increase domestic solar module capacity, has raised over Rs 1,400 crore in funding from a clutch of investors, including Havells India and Zerodha co-founder Nikhil Kamat.
"The amount raised from our investors will be utilised to support our future capacity expansion plans in the country," Goldi Solar founder and Managing Director Ishver Dholakiya said in a telephonic conversation.
The funding has been closed over a period of six months after an evaluation, he 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, which includes consumer electrical goods maker Havells India and Kamath, who is the co-founder of the brokerage Zerodha.
Other prominent investors and family businesses are Ambit Global Private Client, Shahi Exports, SRF Transnational Holdings, Karmav Real Estate Holdings LLP, NSFO Ventures LLP, and Godwitt Construction Pvt Ltd.
According to market sources, Havells India 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, like cricketer Surya Kumar Yadav, have also learnt to have participated in the funding round, they added.
The consortium has picked around 10-15 per cent stake in Goldi Solar, sources said.
A query sent to the company in this regard remained unanswered.
Goldi Solar said 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.
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 a solar cell manufacturing facility of 1.2 GW in Gujarat.
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