Raana Semiconductors Pvt. Ltd. Funding to Drive Innovation in Silicon Ingot Growth Systems for Solar and Semiconductor Sectors
Raana Semiconductors Pvt. Ltd. (RSPL), a cutting-edge deep-tech company based in India, has successfully raised $3 million in a Seed funding round to accelerate its research and development efforts in silicon ingot growth systems. This marks a significant milestone for RSPL as it secures its first institutional investment, highlighting the growing potential of India’s semiconductor and solar industries.
The funding round was led by Equirus Innovatex Fund and Artha Venture Fund, with notable participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and Angel Investor Garimella Laxminarayana. Prequate Advisory acted as the exclusive strategic advisor for RSPL in this funding round, ensuring the optimal structuring of the deal.
Supporting India’s Technological Self-Reliance
Raana Semiconductors specializes in Czochralski-based crystal growth systems, focusing on the production of single-crystal materials for critical industries such as semiconductors, solar energy, and defense. The raised funds will be allocated to advance the development of an indigenous Czochralski (CZ) silicon ingot grower, designed to produce 10-12 inch diameter silicon ingots. This strategic move aims to reduce India’s reliance on imported silicon ingots and wafers, boosting local manufacturing capabilities for the burgeoning solar and semiconductor industries.
The long-term goal is to create a fully market-ready, scalable system for solar-grade silicon ingot manufacturing in India. The company intends to target a key gap in the domestic supply chain, providing both solar-grade and semiconductor-grade wafers for advanced technologies.
Strategic Investment to Strengthen India’s Semiconductor Supply Chain
Sunder Nookala, General Partner at Equirus Innovatex Fund, emphasized the strategic importance of this investment: “No country can remain technologically advanced unless it can domestically grow single crystals and ingots of critical materials such as Silicon, Germanium & Gallium which underpin Defense, Semiconductor, Solar, and Medical technologies. Silicon ingot growth is a highly complex and strategic process that forms the foundation of wafer manufacturing and semiconductor chip production. We are deeply excited to partner with Raana Semiconductors for their patent-backed crystal growth innovations, positioning them as a key enabler of Atmanirbhar Bharat in indigenous semiconductor and crystal technologies.”
Rajasekar Elavarasan, Founder & CEO of RSPL, further commented, “This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems. It strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”
A Key Player in India’s Advanced Manufacturing Ecosystem
Artha Venture Fund’s Managing Partner, Anirudh A. Damani, highlighted RSPL’s pivotal role in addressing a critical gap in India’s renewable and advanced manufacturing ecosystem. Despite India’s large solar manufacturing capacity, the control over key inputs such as silicon wafers remains limited. RSPL’s work in building this capability locally is seen as crucial for the long-term resilience of India’s semiconductor and solar industries.
Similarly, Vikram Gupta, Founder and Managing Partner of IvyCap Ventures, praised RSPL for its strong technical foundation and deep-tech innovation, adding, “Raana Semiconductors stands out for its strong technical foundation, deeptech-led innovation, and clarity of vision, backed by an exceptional team. We are excited to partner with them as they scale and contribute to India’s self-reliance goals in semiconductor manufacturing.”
Raana Semiconductors’ Roadmap for Growth
RSPL has already established itself as a leader in the field of Czochralski-based crystal growth systems. As the only private Indian company specializing in this technology, RSPL offers integrated, turnkey CZ systems that include on-site commissioning and comprehensive after-sales support. Additionally, the company has shown significant potential in defense-grade applications, including its collaboration with the Ministry of Defence for the iDEX DISC X project, where it demonstrated expertise in producing Nd:YAG single crystals.
With a strong track record, RSPL has grown at an impressive revenue CAGR of 30% over recent years. For FY 2025-26, the company secured confirmed orders worth ₹12 crore from key national institutions like MeitY (Ministry of Electronics and Information Technology) and the Department of Atomic Energy.
RSPL’s immediate goal is to commercialize its indigenous silicon ingot systems for the solar industry within the next 18 months, with plans to scale production to support gigawatt-scale silicon ingot manufacturing. Over the next 3-4 years, the company aims to target revenues exceeding ₹200 crore, tapping into both solar and semiconductor-grade wafer production for strategic applications.
About Raana Semiconductors Pvt. Ltd. (RSPL)
Raana Semiconductors Pvt. Ltd. (RSPL) is an Indian deep-tech company specializing in Czochralski-based crystal growth systems and the development of single-crystal materials for industries such as semiconductors, solar energy, defense, and other strategic applications. With over a decade of experience, RSPL collaborates with national research laboratories and industrial partners to support India’s goal of achieving technological self-reliance across critical supply chains. The company’s innovations are paving the way for India to become a global leader in semiconductor and renewable energy technologies.
