Goldi Solar Secures ₹1,422 Crore Growth Capital Led by Havells India

Goldi Solar, a leading Indian solar module manufacturer, has raised ₹14.22 billion ($161-$171 million) in a growth capital funding round led by Havells India alongside various high-net-worth individuals and institutional investors. This capital infusion will support Goldi Solar's plans to expand its solar PV module manufacturing capacity from 3 GW to 14.7 GW and to develop a 1.2 GW solar cell manufacturing facility in Surat, Gujarat, with a focus on advancing high-efficiency solar technologies. The funding also aims to bolster the company's market expansion efforts, including increasing exports to the United States and South America, as it prepares for a planned initial public offering (IPO) in 2026. The investment underscores growing investor confidence in India's renewable energy sector amid government initiatives like "Make in India" which mandates domestic sourcing for solar projects starting June 2026. Goldi Solar's strategic partnerships and capital raise position it to become a global player in solar manufacturing while aligning with India's clean energy transition goals targeting 500 GW of non-fossil fuel capacity. The funding round was advised by SBI Capital Markets and Saraf and Partners, reflecting robust governance and strategic direction.