Entrepreneur and investor Nikhil Kamath, co-founder of the popular online brokerage firm Zerodha, has made a significant investment of Rs 137.5 crore in Goldi Solar, India’s largest solar photovoltaic (PV) module manufacturing company. This strategic investment marks another major milestone in India’s rapidly expanding clean energy sector as the country works toward its ambitious renewable energy targets.
Goldi Solar has experienced remarkable growth over the past year, nearly tripling its solar PV module manufacturing capacity from 3 GW to an impressive 14.7 GW in just 12 months. The Surat-based company, founded in 2011 by Ishverbhai Dholakia, has emerged as a dominant force in India’s solar manufacturing landscape with state-of-the-art production facilities spread across Gujarat.
The fresh capital infusion from Kamath will enable Goldi Solar to further expand its production capabilities and strengthen its position in the competitive renewable energy market. The company is also developing large-scale solar cell manufacturing facilities in Surat, Gujarat, as part of its backward integration strategy to reduce dependence on imports.
Kamath expressed his enthusiasm about the investment opportunity, highlighting the massive potential of India’s renewable energy sector. Speaking about the investment, he said that renewable energy in India presents enormous opportunities to build global-scale companies domestically, and it is crucial to back such companies to accelerate the country’s clean energy transition.
This investment comes at a particularly opportune time for India’s solar sector. The government has set an ambitious target of achieving 280 GW of solar power capacity by 2030, supported by favorable policies including import duties on foreign solar modules and attractive incentives for local manufacturers under the Production Linked Incentive (PLI) scheme.
Goldi Solar’s rapid expansion aligns perfectly with India’s vision of achieving net-zero emissions before 2070. The company plans to introduce high-efficiency solar PV modules and cells incorporating emerging technologies to meet the country’s growing clean energy demands while also serving international markets across more than 20 countries.
Founded by Captain Ishverbhai Dholakia, who brings extensive entrepreneurial experience from the diamond industry, Goldi Solar has earned recognition as one of India’s most quality-conscious solar brands. The company holds the prestigious “Bankable Tier 1” status from Bloomberg New Energy Finance and has been certified as a “Top Performer” by Kiwa PVEL in 2024.
Kamath’s investment reflects broader confidence in India’s solar manufacturing capabilities and the country’s potential to become a global renewable energy hub. With domestic solar demand surging and government support continuing to drive sector growth, investments like these are expected to accelerate India’s transition toward energy independence and sustainability
