Zerodha Co founder Nikhil Kamath has invested Rs 137.5 crore in Goldi Solar, India’s leading solar module manufacturer. The funding will support the company’s strategic expansion from module manufacturing into solar cell production, marking a significant vertical integration move. This development will reduce India’s reliance on imported solar cells while enabling the Gujarat based company to serve both domestic and export markets with high efficiency products and advanced technologies.
Company Profile and Growth Trajectory
Founded in 2011 by Ishver Dholakia, Goldi Solar has established itself as a prominent player in India’s solar manufacturing landscape. Based in Surat, Gujarat, the company operates as India’s largest solar module manufacturer. Over its 14 year operational history, Goldi Solar has built advanced production facilities that have enabled remarkable scaling capabilities.
The company’s growth story is particularly impressive, having expanded its manufacturing capacity from 3 GW to 14.7 GW within just 12 months. This rapid expansion demonstrates both market demand and the company’s execution capabilities in meeting industry requirements.
Financial Performance and Strategic Direction
Goldi Solar’s financial performance reflects its strong market position, with revenues of Rs 1,756.36 crore and profits of Rs 59.38 crore reported for the fiscal year ending March 2024. The investment from Kamath will specifically target the company’s expansion into solar cell manufacturing, representing a strategic move toward vertical integration.
This expansion addresses a critical need in India’s renewable energy ecosystem by reducing dependence on imported solar cells while serving both domestic and international markets. The company plans to focus on developing high-efficiency modules and advanced cell technologies.
Industry Impact and Future Outlook
Kamath’s investment philosophy aligns with India’s broader renewable energy objectives. His commitment to building global scale clean energy companies domestically supports the country’s transition toward sustainable energy solutions.
This funding represents more than financial backing; it signals confidence in India’s potential to become a manufacturing hub for renewable energy technologies. As Goldi Solar enters solar cell production, the company is positioned to strengthen India’s solar supply chain while competing effectively in global markets.
The investment underscores the growing investor interest in India’s renewable energy manufacturing sector and the potential for domestic companies to scale internationally.
