IPO-bound Goldi Solar raises ₹1,422 crore from Havells, Nikhil Kamath, others

Gujarat-based solar modules maker Goldi Solar has raised ₹1,422 crore in a funding round led by consumer electronics major Havells India with participation from Zerodha co-founder Nikhil Kamath and others.

The funding announcement comes ahead of its planned Intial Public Offerng (IPO) in 2026.

Havells reportedly led the round with ₹600 crore while Kamath invested around ₹140 crore, PTI reported citing market sources.

The "landmark growth capital" will be used to fund future growth and plans to expand

manufacturing capacity and fuel its go-to-market strategy. Goldi Solar will also focus on innovation in high-efficiency solar technologies with the fresh funding.

The round also saw participation from high-net-worth individuals (HNIs), and institutional and strategic investors such as Ambit Global Private Client, Shahi Exports, SRF Transnational Holdings, Karmav Real Estate Holdings, NSFO Ventures, and Godwitt Construction as well as a few sportspersons.

In the past year, Goldi Solar has ramped up its solar module capacity from 3 to 14.7 gigawatts and is now building a 1.2-gigawatt solar cell plant in Gujarat.

The company's Managing Director and Founder Ishver Dholakiya, told ETEnergyWorld that the company is in early stages of discussing its listing on the public markets. The company is also looking to tap the exports market further by entering the US and South America.

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