Navitas secures $5 million in funding round

Navitas Solar, based in Gujarat has received $5 million in finance which will be used by the company to enhance its manufacturing capacity by 1.2 GW. A group of high-net-worth individuals advised by RSM-Lemon Consultech participated in the investment round. The promoters of Parishi Diamond Group functioned as the anchor investor in the round, contributing more than 50 per cent of the overall capital. The funding round was also attended by Lemon Emerging Ventures LLP and other HNI investors.

Navitas Solar provides project execution and engineering, procurement and construction services through its subsidiary Navitas Alpha Renewables, which has backward and forward integration. Navitas Alpha Renewables raised Rs 70 million in a seed round led by investment advisory firm Niveshaay, with participation from Madhusudan Sarda, IVY Growth Associates, and others in September 2022.

In January 2023, Loom Solar, a solar technology startup based in Haryana, raised $2 million in funding from the United States based asset manager Social Investment Managers and Advisors (SIMA Funds) to support its growth strategy for solar energy solutions. Loom makes bifacial solar panels as well as lithium batteries.