Nikhil Kamath, co-founder of Zerodha, has invested INR 1,375 million in Goldi Solar Pvt. Ltd., a solar photovoltaic module manufacturer based in Surat, Gujarat. The funding will be directed towards Goldi Solar’s expansion into solar cell manufacturing and the scaling up of production capacity.
Goldi Solar, founded in 2011 by Ishverbhai Dholakia, has expanded its module manufacturing capacity from 3 GW to 14.7 GW over the past year. The company is also establishing new solar cell production facilities in Surat and plans to introduce high-efficiency modules and advanced cell technologies for both domestic and export markets.
India has set a target of achieving 280 GW of solar capacity by 2030. Kamath’s investment comes at a time when domestic demand for solar energy is increasing, supported by the Production Linked Incentive scheme and import duties on foreign modules.
“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,” said Kamath.
For the financial year ending March 2024, Goldi Solar reported revenue of INR 17.56 billion and a profit of INR 593.8 million.
Goldi Solar, headquartered in Surat, manufactures solar photovoltaic modules and is currently expanding into solar cell production. The company supplies products for both domestic and international markets.
