Zerodha Co-founder Nikhil Kamath Invests ₹137.5 Crore in Goldi Solar to Power India’s Renewable Energy Ambitions
Zerodha co-founder and billionaire investor Nikhil Kamath has made a strategic investment of ₹137.5 crore in Goldi Solar, India’s largest solar module manufacturer, as the country doubles down on its transition to clean energy. The investment marks a significant boost to India’s renewable energy manufacturing capabilities at a time when global demand for solar technology is surging and India is looking to become a dominant force in green energy production.
Scaling Clean Energy Infrastructure
With this investment, Goldi Solar, which was founded in 2011 by Ishverbhai Dholakia, plans to expand its manufacturing capabilities, enhance its technological capabilities, and venture deeper into solar cell manufacturing. In the last 12 months alone, the company has nearly quadrupled its solar PV module manufacturing capacity, jumping from 3 GW to 14.7 GW, a feat that positions it not only as the largest in India but as a serious global player.
Goldi is also now expanding into solar cell manufacturing, which adds an additional layer of vertical integration. Currently, India still imports a significant percentage of its solar cells, so this move helps reduce dependence on imports and supports the government’s “Atmanirbhar Bharat” (self-reliant India) vision.
Nikhil Kamath’s Perspective
Speaking on the investment, Kamath said:“Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition.”
Kamath, who along with his brother Nithin Kamath co-founded Zerodha and has since become one of India’s youngest self-made billionaires, has been actively diversifying his portfolio to include businesses in sectors he believes are poised for transformative growth—including clean energy, climate tech, and sustainable manufacturing.
Goldi Solar’s Roadmap
Goldi Solar’s production facilities are based in Surat, Gujarat, and have been outfitted with cutting-edge machinery and emerging solar technologies. The company is committed to introducing high-efficiency PV modules and solar cells, which will serve both domestic and international markets.
The investment is expected to bolster domestic solar equipment production by reducing dependency on foreign imports (especially from China), export competitiveness by enabling Indian-made modules to compete in international markets, and job creation, especially in Gujarat and surrounding regions.
The company’s current expansion into cell manufacturing will not only complete its vertical value chain but also help position India as a full-stack solar manufacturing hub—from raw silicon to final module exports.
Clean Energy Momentum in India
India is targeting 280 GW of solar power capacity by 2030 as part of its broader goal to reach net-zero carbon emissions by 2070. As of mid-2025, India has installed over 80 GW of solar capacity, with rapid growth driven by government policies, corporate ESG commitments, and falling renewable energy costs.
The Production Linked Incentive (PLI) scheme for solar manufacturing has further accelerated investment interest in the sector. Combined with import duties on foreign solar modules and a favorable regulatory environment, India is on a fast track to becoming a global solar powerhouse.
Goldi Solar’s growth aligns seamlessly with these national objectives and is seen as a flagship example of what India’s renewable future could look like—driven by entrepreneurial capital, local manufacturing, and technological advancement.
A Future-Focused Partnership
This collaboration between Nikhil Kamath and Goldi Solar signals a new phase in Indian clean-tech investments. With this strategic financial backing, Goldi Solar will likely play an even more pivotal role in shaping the future of sustainable infrastructure, both in India and abroad.
As climate concerns mount globally, and countries push to meet their emission reduction targets, investments like these not only make good business sense, they are essential to building a more resilient and sustainable future.
