Nikhil Kamath, co-founder of Zerodha and True Beacon, has invested INR 137.5 crore in Goldi Solar, one of India’s largest solar photovoltaic (PV) module manufacturers. The strategic investment highlights Kamath’s growing interest in the clean energy space and Goldi Solar’s plans to become a global renewable energy giant.
India’s Clean Energy Journey
Kamath said on the investment, “Renewable energy in India is a huge sector and there is an equally huge opportunity to build global scale companies right here in our own backyard. We need to back these companies to accelerate the country’s clean energy transition.”
The investment comes at a time when India is rapidly scaling up its domestic solar capacity, with a government target of 280 gigawatts (GW) of solar power by 2030. Policy interventions—import duties on foreign modules and the Production Linked Incentive (PLI) scheme—are creating a conducive ecosystem for indigenous manufacturing.
Goldi Solar’s Growth
Founded in 2011 by Ishverbhai Dholakia and based in Surat, Gujarat, Goldi Solar has become a force to be reckoned with in India’s solar manufacturing space. In the last 12 months, the company has almost quintupled its solar PV module manufacturing capacity from 3 GW to 14.7 GW.
Now with Kamath on board, the company is accelerating its expansion into large-scale solar cell manufacturing—a critical step towards backward integration and technology self-reliance. The company is also looking to launch high-efficiency modules and advanced solar cells to cater to both domestic and international markets.
The company has plans beyond manufacturing. A 1 GW Solar Park (IPP) by FY 2025-26 is on the anvil along with EPC services. The company has also built a strong CSR portfolio, including education and mid-day meal programs for students.
A Sector on the Rise
Goldi Solar’s journey is mirroring the overall growth of the Indian clean energy sector. Rivals like Vikram Solar are listing in the public markets, while foreign competition is being curbed by tariffs. With the government pushing for decarbonization and aiming for net-zero by 2070, domestic players are seen as key to this transition.
For the year ending March 2024, Goldi Solar reported revenue of INR 1,756.36 crore and profit of INR 59.38 crore, so it’s well capitalised to take off in this new phase.
Looking Ahead
The new capital will help Goldi Solar deepen its manufacturing capabilities and keep the momentum in a sector that’s going to grow exponentially. As India becomes a global renewable energy hub, partnerships between entrepreneurial capital and industrial scale—like Kamath’s investment in Goldi Solar—will be the story of the next chapter of India’s clean energy journey.
With domestic demand rising, government policies aligning, and capital support flowing in, Goldi Solar’s journey may well reflect India’s broader march toward energy independence and climate leadership. For more details related to IPO GMP, SEBI IPO Approval, and Live Subscription, stay tuned to IPO Central.