Goldi Solar raises Rs 14.22 billion funding led by Havells

31 Oct 2025 CW Team

In a statement, the Gujarat-based solar module manufacturer said the capital infusion will fuel its next phase of growth, focusing on manufacturing expansion, backward integration, and technological innovation.

The round saw participation from prominent investors including 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 invested around Rs 6 billion, while Zerodha co-founder Nikhil Kamath contributed approximately Rs 1.4 billion. A few Indian sportspersons also joined the round, highlighting the growing interest in clean energy ventures.

“These value-aligned investors are among India’s most forward-thinking capital providers and bring deep expertise in sustainable growth initiatives,” Goldi Solar said in its release.

The investment process was advised by SBI Capital Markets Ltd, with Saraf and Partners serving as legal counsel, ensuring strategic oversight and governance.

The fresh funding will help Goldi Solar expand its solar module production capacity, strengthen backward integration through solar cell manufacturing, and boost research into high-efficiency technologies. It will also support the company’s go-to-market initiatives and export expansion.

Founder and Managing Director 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.”

The Surat-based company has expanded its solar PV module manufacturing capacity from 3 GW to 14.7 GW in the past year and is developing a 1.2 GW solar cell manufacturing facility in Gujarat.

Renewable energy firm Goldi Solar has raised over Rs 14.22 billion in a landmark funding round led by Havells India Ltd, with participation from several high-net-worth individuals (HNIs), institutional, and strategic investors. In a statement, the Gujarat-based solar module manufacturer said the capital infusion will fuel its next phase of growth, focusing on manufacturing expansion, backward integration, and technological innovation. The round saw participation from prominent investors including 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 invested around Rs 6 billion, while Zerodha co-founder Nikhil Kamath contributed approximately Rs 1.4 billion. A few Indian sportspersons also joined the round, highlighting the growing interest in clean energy ventures. “These value-aligned investors are among India’s most forward-thinking capital providers and bring deep expertise in sustainable growth initiatives,” Goldi Solar said in its release. The investment process was advised by SBI Capital Markets Ltd, with Saraf and Partners serving as legal counsel, ensuring strategic oversight and governance. The fresh funding will help Goldi Solar expand its solar module production capacity, strengthen backward integration through solar cell manufacturing, and boost research into high-efficiency technologies. It will also support the company’s go-to-market initiatives and export expansion. Founder and Managing Director 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.” The Surat-based company has expanded its solar PV module manufacturing capacity from 3 GW to 14.7 GW in the past year and is developing a 1.2 GW solar cell manufacturing facility in Gujarat.

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