Navitas Green Solutions Pvt. Ltd. (Navitas Solar), a solar module manufacturing company that produces solar panels has raised $5 million at an undisclosed valuation.
With able guidance and advisory from the team of RSM-Lemon Consultech, a group of HNI (high net worth individuals) investors participated in the funding round. Lead investors include promoters of Parishi Diamond Group (as anchor investor leading the round with more than 50 per cent), Lemon Emerging Ventures LLP and other HNI investors.
The module manufacturing company will use the funds for expanding manufacturing capacity by another 1.2 GW p.a.
“We are thrilled by the successful completion of our funding round as we embark on the next phase of growth. The faith shown by the investors in us is a vindication of the strong foundation we have laid for Navitas Solar in the last ten years. The funding will allow us to expand our manufacturing capacities and meet the growing demand for solar power projects. It also gives a big boost to our ambitions to develop the most efficient and reliable solar modules and emerge as a global player,” said Vineet Mittal, director and co-founder of Navitas Solar.
“We have studied the business model of Navitas in detail and found it highly scalable. The enterprising nature combined with relevant expertise and enthusiasm of their young team of founders gave us the confidence to invest and participate in their growth story,” added Nirav Jogani, vice-chairman of Lemon Consultech.
Aaryan Shah from Parishi Diamond Group, the lead investor in this round observed that Navitas is the perfect partner for our investment in renewable energy. The team has proven itself and we are excited to partner them in their next phase of growth. As socially conscious investors we are glad to participate in our Prime Minister’s vision for becoming a Net zero country by 2070.