Nikhil Kamath backs Goldi Solar with Rs 137 Cr investment

Zerodha co-founder and investor Nikhil Kamath has invested Rs 137.5 crore in Goldi Solar, India’s largest solar photovoltaic (PV) module manufacturer.

The fresh capital will support Goldi Solar’s expansion into solar cell production and help the Surat-based company scale further at a time when India is pushing to reduce reliance on imported solar equipment, said a statement from the company.

Goldi Solar has undergone a transformation over the past year, nearly tripling its PV module capacity from 3 Gigga Watts to 14.7 GW. It is also in the midst of building large-scale solar cell manufacturing facilities in Gujarat, aligning with New Delhi’s ambition to install 280 GW of solar capacity by 2030.

“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. It is imperative that we back these companies to accelerate the country’s clean energy transition,” Kamath said in a statement.

The investment comes at a time when India’s solar industry is being bolstered by import duties on foreign modules and incentives under the Production Linked Incentive (PLI) scheme, which aim to build a robust domestic supply chain.

Founded in 2011 by Ishverbhai Dholakia, Goldi Solar has positioned itself as one of the fastest-scaling players in India’s renewable energy ecosystem. The company’s next phase of growth is focused on introducing high-efficiency modules and advanced cell technologies, targeting both domestic and export markets.

Goldi Solar’s strategy dovetails with India’s broader energy transition goals, as the country aims for net zero emissions before 2070.