Goldi Solar Pvt. Ltd. Funding, Investors & Competitors

Goldi Solar Pvt. Ltd. has raised $177M across 2 funding rounds, most recently a $161M undisclosed-stage round in October 2025.

Last Goldi Solar Pvt. Ltd. funding round

$161M

Undisclosed stage · Oct 2025

Cumulative funding Goldi Solar Pvt. Ltd. raised

$177M

across 2 funding rounds

Key investors in Goldi Solar Pvt. Ltd.

  • Nikhil Kamath
  • Havells India
  • Surya Kumar Yadav
  • Ambit Global Private Client
  • Godwitt Construction
  • Karmav Holdings
  • NSFO VENTURES
  • Shahi Exports

Goldi Solar Pvt. Ltd. Overview

About Goldi Solar Pvt. Ltd.

Goldi Solar Pvt. Ltd. is a manufacturer of photovoltaic modules with capacities up to 600W, exporting to 40 countries. As an EPC provider, it installs solar plants in India exceeding 1GW. Headquartered in Surat, Gujarat, the company holds ISO 9001 and IEC certifications.


Founded

2011

HQ

IndiaSurat

Status

Privately held

Customer focus

B2B

Revenue model

Product sales, Services

Goldi Solar Pvt. Ltd. Funding History

Goldi Solar Pvt. Ltd. has raised a total of $177M across 2 funding rounds.

Goldi Solar Pvt. Ltd.'s first fundraising round was a $16M undisclosed-stage round in August 2025. The most recent completed round was a $161M undisclosed-stage round in October 2025.

Goldi Solar Pvt. Ltd. funding rounds

Goldi Solar Pvt. Ltd. funding rounds
DateStageInvestorsRaisedDeal Summary
Oct 2025Undisclosed stageHavells India (lead); Karmav Holdings; Surya Kumar Yadav; Godwitt Construction; NSFO VENTURES; Shahi Exports; Ambit Global Private Client; SRF Transnational; Nikhil Kamath$161MGoldi Solar Pvt. Ltd., one of India’s largest solar PV module manufacturers, secured a landmark growth capital infusion of ₹1,422 crore (approximately $171 million) on October 29, 2025, led by Havells India Limited with ₹600 crore, alongside investors including Ambit Global Private Client, Nikhil Kamath (₹140 crore), Shahi Exports Private Limited, SRF Transnational Holdings Limited, Karmav Holdings Pvt. Ltd., Godwitt Construction Private Limited, NSFO Ventures LLP, and various high-net-worth individuals and strategic investors. SBI Capital Markets Limited advised the transaction, with Saraf and Partners as legal counsel. The funding, closed over six months, reflects strong investor confidence in the company’s growth, governance, and role in India’s clean energy transition. The capital will support Goldi Solar’s manufacturing capacity expansion from its current 14.7 GW annual PV module capacity—nearly fivefold growth from 3 GW in the past year—strengthen backward integration into solar cell production at facilities in Surat, Gujarat, accelerate innovation in high-efficiency solar technologies, and expand go-to-market efforts. Havells India, a leading electrical equipment company focused on sustainability, aims to advance renewable energy adoption through this strategic partnership. Founded by Capt. Ishver Dholakiya, Goldi Solar positions itself as a leader in domestic solar manufacturing and circular economy solutions, contributing to India’s renewable energy goals. The investment underscores synergies between corporate partners and impact-driven capital to scale best-in-class solar operations amid rising demand for clean energy technologies.
Aug 2025Undisclosed stageNikhil Kamath (lead)$16MGoldi Solar Pvt. Ltd. is a Gujarat-based solar photovoltaic module manufacturer founded in 2011 by Ishverbhai Dholakia, operating facilities in Pipodara, Navsari, Kosamba, and Nana Borsara. The company produces high-efficiency solar PV modules and is expanding into solar cell manufacturing in Surat to serve domestic and export markets. On August 18, 2025, Nikhil Kamath, co-founder of Zerodha, invested ₹137.5 crore (INR 1.37 billion, approximately $16 million) in Goldi Solar for an undisclosed stake. The funding supports expansion of production capacity, vertical integration into solar cells starting in 2026, and introduction of advanced technologies. Goldi Solar scaled its annual solar PV module manufacturing capacity from 3 GW to 14.7 GW over the past 12 months as of August 2025, with 7,263 MW under ALMM. Earlier in 2025, it raised INR 6 billion from Havells India for an 8.90%-9.24% stake as part of a INR 13 billion fundraising target, and it is exploring a 2026 IPO. The investment aligns with India's 280 GW solar capacity target by 2030, supported by Production Linked Incentive schemes and import duties on foreign modules, amid rising domestic demand.

Who has invested in Goldi Solar Pvt. Ltd.?

9 investors have backed Goldi Solar Pvt. Ltd. across its funding rounds, including Nikhil Kamath, Havells India, Surya Kumar Yadav, Ambit Global Private Client, Godwitt Construction and Karmav Holdings.

Lead investors include Havells India and Nikhil Kamath.


Goldi Solar Pvt. Ltd. Investors

Investors in Goldi Solar Pvt. Ltd. by funding rounds participated
InvestorHQRoundsRoleFirst check
Nikhil KamathIndiaBangalore2LeadAug 2025
Havells IndiaIndiaNoida1LeadOct 2025
Karmav HoldingsUnited StatesNew York City, NY1ParticipantOct 2025
Surya Kumar Yadav--1ParticipantOct 2025
Godwitt ConstructionIndiaAhmedabad1ParticipantOct 2025
NSFO VENTURESIndiaMumbai1ParticipantOct 2025
Shahi ExportsIndiaBangalore1ParticipantOct 2025

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Goldi Solar Pvt. Ltd. Competitors

Goldi Solar Pvt. Ltd. competitors include listed companies like Iberdrola, China Yangtze Power, Constellation Energy and Vistra, and private ones like Adani New Industries and Helion Energy.

Public and private companies comparable to Goldi Solar Pvt. Ltd.
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
IberdrolaSpainSpainPublicly listed$51B$17B$158B4.3x
China Yangtze PowerChinaChinaPublicly listed$13B$11B$104B11.3x
Constellation EnergyUnited StatesUnited StatesPublicly listed$26B$5B$93B3.8x
Adani New IndustriesIndiaAhmedabadPrivate--$50B-
VistraUnited StatesUnited StatesPublicly listed$18B$5B$48B3.3x
Helion EnergyUnited StatesSeattle, WAPrivate--$16B-

Goldi Solar Pvt. Ltd. Public Comps

Goldi Solar Pvt. Ltd. is still privately-owned, but its public comps include Aramco, ExxonMobil, Chevron, PetroChina, Shell, GE Vernova, TotalEnergies, NextEra Energy, ConocoPhillips and Iberdrola.

Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Aramco$446B$213B3.9x3.7x8.2x7.1x
ExxonMobil$324B$68B2.2x1.8x10.5x8.0x
Chevron$184B$41B2.4x2.0x10.8x7.2x
PetroChina$427B$70B0.8x0.7x4.7x4.4x
Shell$267B$55B1.2x1.0x5.8x4.5x
GE Vernova$38B$3.2B6.2x5.4x73.5x43.5x
TotalEnergies$182B$38B1.3x1.2x6.3x5.0x
NextEra Energy$27B$16B10.5x9.6x17.9x16.2x

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Common questions about Goldi Solar Pvt. Ltd.

When was Goldi Solar Pvt. Ltd. founded?Goldi Solar Pvt. Ltd. was founded in 2011.
Where is Goldi Solar Pvt. Ltd. headquartered?Goldi Solar Pvt. Ltd. is headquartered in Surat, India.
Is Goldi Solar Pvt. Ltd. publicly listed?No, Goldi Solar Pvt. Ltd. is a private, VC-backed company.
How much funding has Goldi Solar Pvt. Ltd. raised?Goldi Solar Pvt. Ltd. has raised $177M across 2 funding rounds.
What was Goldi Solar Pvt. Ltd.'s last funding round?Goldi Solar Pvt. Ltd.'s last funding round was a $161M undisclosed-stage round in October 2025, led by Havells India.
Who are Goldi Solar Pvt. Ltd.'s investors?Goldi Solar Pvt. Ltd.'s investors include Nikhil Kamath, Havells India, Karmav Holdings, Surya Kumar Yadav, Godwitt Construction, NSFO VENTURES, Shahi Exports, Ambit Global Private Client and SRF Transnational.
Which companies are comparable to Goldi Solar Pvt. Ltd.?Companies comparable to Goldi Solar Pvt. Ltd. include Iberdrola, China Yangtze Power, Constellation Energy, Adani New Industries, Vistra and Helion Energy.

See companies similar to Goldi Solar Pvt. Ltd.

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