Nikhil Kamath, co-founder of brokerage firm Zerodha, has announced an investment of Rs 1.38 billion in solar PV module manufacturer Goldi Solar for an undisclosed stake.

The Gujarat-based company said it will utilise the fresh capital for expansion initiatives. “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,” Kamath noted.

Over the past year, Goldi Solar has expanded its solar PV module manufacturing capacity from 3 GW to 14.7 GW and is also advancing its solar cell production facilities in Surat, Gujarat. Founded in 2011, the company said it plans to continue rolling out high-efficiency solar PV modules and cells that integrate emerging technologies to meet India’s rising clean energy demand.

The investment comes as rival Vikram Solar prepares for its Rs 20 billion initial public offering, underscoring the rapid growth of India’s solar sector.

The government aims to achieve 280 GW of solar power by 2030 and has introduced policy interventions such as import duties on foreign modules and incentives under the Production Linked Incentive scheme to support domestic manufacturers.