RSPL raises $3 million to boost silicon ingot manufacturing

Indian company Raana Semiconductors Pvt. Ltd. (RSPL) has announced that it has raised about USD 3 million in a seed equity round, marking its first institutional fundraise.  

The round was led by Equirus Innovatex Fund and Artha Venture Fund, with Participation from IvyCap Ventures, PointOne Capital, IIMA Ventures CIIE Initiatives (IIMA Ventures), and Angel Investor Gari Garimella Laxminarayana, RSPL said in a post on LinkedIn.

The capital will be used for R&D and product engineering of indigenously designed Czochralski (CZ) monocrystalline silicon ingot growth systems. RSPL, which is based in Tamil Nadu, plans to initially focus on producing 10–12 inch solar-grade silicon ingots, with a longer-term roadmap towards semiconductor-grade wafer manufacturing, according to a report by BW Disrupt.

“No country can remain technologically advanced without the ability to domestically grow single crystals and ingots of critical materials,” said Sunder Nookala, General Partner, Equirus Innovatex Fund. “Raana Semiconductors’ patent-backed crystal growth innovations position it as a key enabler of Atmanirbhar Bharat [Self-Reliant India] in semiconductor and advanced materials technologies.”

“This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems,” said Rajasekar Elavarasan, Founder & CEO of RSPL, according to a report by Manufacturing Today. “It strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”

“We invested in RSPL because it addresses a structural gap in India’s renewable and advanced manufacturing ecosystem. Despite large solar manufacturing capacity, control over critical inputs remains limited. Building this capability locally is essential for long‑term resilience,” said Anirudh A. Damani, Managing Partner, Artha Venture Fund. “RSPL is positioned to be a foundational player as India scales advanced manufacturing, and that long‑cycle opportunity gives us conviction.”