Solar module manufacturer Goldi Solar has secured ₹14.22 billion (~$161.07 million) in growth capital in a funding round led by Havells India, high-net-worth individuals, and institutional and strategic investors.

Some of the investors included Ambit Global Private Client, Nikhil Kamath, Shahi Exports, SRF Transnational Holdings, Karmav Real Estate Holdings, NSFO Ventures, and Godwitt Construction.

Goldi Solar will utilize the funding to expand its manufacturing capacity, strengthen backward integration into solar cell production, accelerate its innovation initiatives in high-efficiency solar technologies, and broaden the company’s go-to-market efforts.

SBI Capital Markets advised on this growth capital infusion, and Saraf and Partners served as the company counsel.

Both Havells and Nikhil Kamath, co-founder of online stock broking form Zerodha, had invested in Goldi Solar earlier this year.

In April, Havells announced it would invest ₹6 billion (~$69.9 million) for an equity stake of between 8.9% and 9.24% in Goldi Solar. The investment will help Havells source solar modules and cells from Goldi Solar, Havells said in a BSE filing. This was followed by Kamath’s investment of  ₹1.37 billion (~$15.68 million) in August.

Goldi Solar said it has expanded its solar module manufacturing capacity from 3 GW to 14.7 GW over the last 12 months. It is also expanding capacity of its solar cell manufacturing facility in Surat, Gujarat.

The company’s offerings include mono-facial and bi-facial Heloc̣ Pro solar module series with an M10 wafer size, as well as the 710 W N-Type Heloc Plus modules.

Total corporate funding, including venture capital funding, public market, and debt financing, for the solar sector globally, stood at $17.3 billion in the first nine months (9M) of 2025, 22% lower than the $22.3 billion raised in 9M 2024, according to Mercom Capital Group’s 9M and Q3 2025 Solar Funding and M&A Report.

However, financing picked up in the third quarter to reach $6.5 billion across 49 deals.