Raana Semiconductors Private Limited (RSPL), a semiconductor deep-technology company, has raised USD 3 million in its first institutional funding round to support the development of domestically designed crystal growth equipment for semiconductor and solar manufacturing in India. The funding is intended to strengthen local capabilities in upstream silicon manufacturing technologies.
The pure equity seed round was led by Equirus Innovatex Fund and Artha Venture Fund, with participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana. Prequate Advisory acted as the exclusive strategic advisor to RSPL for the transaction. The capital will be used to accelerate product development and research and development activities.
RSPL is developing an indigenously designed Czochralski (CZ) monocrystalline silicon ingot grower capable of producing 10-inch to 12-inch silicon ingots. The company plans to demonstrate a scalable, market-ready system for solar-grade silicon manufacturing, with the objective of reducing India’s reliance on imported silicon ingots and wafers used in downstream solar and semiconductor fabrication.
“No country can remain technologically advanced unless it can domestically grow single crystals and ingots of critical materials such as silicon, germanium, and gallium which underpin defence, semiconductor, solar, and medical technologies,” said Sunder Nookala, General Partner, Equirus Innovatex Fund. “Silicon ingot growth is a highly complex and strategic process that forms the foundation of wafer manufacturing and semiconductor chip production.”
Rajasekar Elavarasan, Founder and Chief Executive Officer of RSPL, said the funding would support the company’s ongoing development work. “This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems,” he said. “It strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”
Anirudh A. Damani, Managing Partner, Artha Venture Fund, said the investment addressed a gap in India’s manufacturing value chain. “Despite large solar manufacturing capacity, control over critical inputs remains limited. Building this capability locally is essential for long-term resilience,” he said, adding that RSPL is positioned to play a foundational role as India scales advanced manufacturing.
Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said the firm was attracted by RSPL’s technical depth and execution capability. “We were particularly impressed by their ability to translate deep scientific research into scalable, real-world manufacturing solutions,” he said.
RSPL focuses exclusively on Czochralski-based crystal growth equipment and single-crystal development. The company provides integrated, turnkey systems along with on-site commissioning and after-sales support, targeting a segment of semiconductor manufacturing equipment that is largely supplied by overseas vendors.
