Zerodha co-founder and prominent investor Nikhil Kamath has made a fresh bet on India’s clean energy sector, investing ₹137 crore in Gujarat-based Goldi Solar, a photovoltaic (PV) module manufacturer. The size of the stake acquired has not been disclosed, according to a PTI report.
Goldi Solar said the capital infusion will support its expansion plans. Commenting on the deal, Kamath noted that India’s renewable sector holds “massive opportunity” to create global-scale companies.
“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,” Kamath said.
Goldi Solar’s growth
Founded in 2011, Goldi Solar has rapidly scaled up its capacity. In 2024, it boosted solar PV module production from 3 GW to 14.7 GW, while also working on expanding its solar cell manufacturing in Surat, Gujarat. The company said it will continue to develop high-efficiency solar modules and cells using advanced technologies to meet India’s rising demand for clean energy.
Industry context
Kamath’s investment comes at a time when rival Vikram Solar is preparing for a ₹2,000 crore IPO, highlighting the accelerating momentum in India’s domestic solar market.
The Indian government has set an ambitious target of 280 GW of solar power by 2030, supported by import duty interventions on foreign modules and incentives for local manufacturers under the Production Linked Incentive (PLI) scheme. These measures have spurred significant activity in the sector.
Nikhil Kamath’s portfolio
Beyond Zerodha, Kamath has built a diverse investment portfolio, backing startups such as NourishYou, LehLah, InCred Holdings, PeeSafe, and Subko Coffee Roasters, among others.
(With inputs from PTI)
