Nikhil Kamath, co-founder of Zerodha, has invested 137.5 crore rupees (US$15.7 million) in Goldi Solar, a solar photovoltaic module maker based in Surat, India.

The investment will help Goldi Solar expand into solar cell manufacturing as India works to reduce its dependence on imported solar equipment.

Goldi Solar increased its PV module capacity from 3 GW to 14.7 GW over the past year and is building new manufacturing facilities in Gujarat.

Goldi Solar was founded in 2011 by Ishverbhai Dholakia, and is developing new high-efficiency modules and cell technologies for both domestic and export markets.

🔗 Source: YourStory

🧠 Food for thought

1️⃣ India’s solar manufacturing boom creates massive investment opportunities

Kamath’s ₹137.5 crore investment in Goldi Solar comes at an exceptional time for India’s solar manufacturing sector.

The country’s solar module manufacturing capacity is projected to double from 80 GW in 2025 to 160 GW by 2030, while solar cell manufacturing capacity will surge from 15 GW to 120 GW during the same period1.

This represents one of the fastest industrial expansions in India’s renewable energy sector, driven by the government’s ambitious target of 500 GW non-fossil fuel capacity by 2030.

Goldi Solar’s rapid scaling exemplifies this trend. The company nearly tripled its module capacity from 3 GW to 14.7 GW in just one year and plans further expansion to 14 GW by mid-FY262.

The economics have become increasingly attractive for investors, with solar power tariffs dropping dramatically from over ₹17 per unit to less than ₹2.5 per unit over recent years3.

2️⃣ Policy-driven domestic manufacturing creates competitive advantages

The investment timing aligns perfectly with India’s shift toward mandatory domestic solar equipment usage starting June 2026.

The government has mandated that all clean energy projects must use domestically produced solar photovoltaic modules from June 2026, creating a captive market for companies like Goldi Solar4.

This policy change, combined with import duties on foreign modules and the Production Linked Incentive (PLI) scheme, gives domestic manufacturers significant competitive advantages over imported alternatives.