Navitas Solar has secured an investment of Rs 404.8 million from Parishi Capital. The funding, completed in two tranches, supports the expansion of Navitas Solar’s module manufacturing facility in Ahmedabad, Gujarat, from 1.7 GW to 2.5 GW capacity. The first tranche was raised in 2023, and a third round of funding is planned to help the company establish a 3 GW solar cell manufacturing plant by 2026.
Navitas Solar, founded in 2013, is a solar manufacturer based out of Surat, Gujarat. It also provides services under the engineering, procurement, and construction model and the renewable energy service company model.
Parishi Capital, founded in 2020, is a private equity and venture investment firm based out of Surat, Gujarat. The company has completed investments in more than 80 companies and manages assets exceeding Rs 3.7 billion. It reportedly plans to invest between Rs 861.47 million and Rs 1.29 billion in renewable energy projects, including recycling companies, over the next two years. Moreover, the company has previously invested in multiple clean energy companies such as Solnce, Apollo Green, Vikram Solar, BatX Energy, and Zero Circle.
