.png "Zerodha co founder Nikhil Kamath invests Rs 137.5 crore in Goldi Solar to boost solar cell manufacturing, expand capacity to 14.7 GW, and support India’s 2030 renewable energy goals.")
Zerodha co founder Nikhil Kamath invests Rs 137.5 crore in Goldi Solar to boost solar cell manufacturing, expand capacity to 14.7 GW, and support India’s 2030 renewable energy goals.
I am Aadi, an MBA in marketing and finance who studies how capital flows shape industries. My focus has often been on renewable energy, where investment decisions not only drive company growth but also reshape national policy goals.
Summary:
Zerodha co founder Nikhil Kamath just wrote a 137.5 crore cheque to Goldi Solar. It is not just a funding story. It is a sign of how India’s clean energy market is entering a new phase of scale and strategy.
1. Nikhil Kamath invested 137.5 crore in Goldi Solar to back its solar cell manufacturing plans
2. Goldi Solar scaled PV module capacity from 3 GW to 14.7 GW in the past year
3. The company will begin large scale solar cell production in Surat by 2026
4. The investment aligns with India’s 280 GW solar capacity target by 2030
5. Policies like import duties and PLI incentives are creating tailwinds for domestic manufacturers
When someone like Nikhil Kamath moves money into renewables, people take notice. The co founder of Zerodha has invested 137.5 crore, about 16 million dollars, in Goldi Solar. On the surface it looks like another large cheque. Look a little deeper and it shows how capital and policy are lining up to create India’s clean energy backbone.
Goldi Solar, founded in 2011 and based in Surat, has quietly become one of the country’s largest photovoltaic module makers. In just twelve months it ramped up from 3 GW to 14.7 GW of capacity. That kind of scaling is rare, especially in an industry where most players struggle with supply chain hurdles and high import dependence.
Now the company wants to move from only making modules to producing solar cells themselves. The Surat facility under development will begin production in 2026. Vertical integration here is not just a business strategy. It is about securing control over technology and costs, while also competing globally. A fully integrated Indian manufacturer has the potential to serve both local demand and export markets without leaning too heavily on China.
Kamath has been vocal about the need to support domestic players if India wants to meet its 280 GW solar target by 2030. His bet on Goldi Solar fits neatly with government moves such as import duties on foreign modules and incentives under the Production Linked Incentive scheme. Investors and policymakers are now pushing in the same direction, which creates a stronger platform for companies to take risks.
There is also a timing angle here. The renewable sector is at an inflection point. Demand for clean energy is rising, costs are falling, and the geopolitical climate favors countries that can build their own supply chains. In that environment, a company like Goldi Solar does not just add capacity. It strengthens India’s energy independence story.
For founders and investors, the lesson is simple. Scale is no longer optional in renewables. Companies that build integrated facilities, backed by both capital and supportive regulation, will define the next decade. Those who remain asset light may grow fast in the short term but risk getting left behind when supply chains tighten again.
5 Do and Don’t for Founders and Businesses:
1. Do think long term about vertical integration, not just near term module sales.
2. Do align business plans with national policy targets to attract both capital and government support.
3. Do diversify market focus between domestic demand and export opportunities.
4. Don’t underestimate the role of supply chain control in renewables.
5. Don’t chase short term valuations without building real production capacity.