Raana Semiconductors (RSPL) has raised $3 million in seed funding to build indigenous silicon ingot growth systems, as India seeks to strengthen domestic solar and semiconductor supply chains.
The round was led by Equirus Innovatex Fund and Artha Venture Fund, with participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives, and angel investor Garimella Laxminarayana.
This is the Bengaluru-based company’s first institutional raise and was structured as a pure equity round. RSPL said it will use the capital to accelerate research and development of Czochralski-based monocrystalline silicon ingot growth systems for semiconductors and solar cells, with an initial focus on 10- to 12-inch solar-grade ingots. This will be scaled for commercial use in India.
The aim is to reduce reliance on imported silicon ingots and wafers by enabling local manufacturing for the solar sector. Over the longer term, it aims to support semiconductor-grade wafer production for strategic applications.
RSPL also plans to commercialise its indigenous crystal growth systems for the solar industry within the next 18 months. The company said this could enable gigawatt-scale silicon ingot production for solar manufacturers in India.
“No country can remain technologically advanced unless it can domestically grow single crystals and ingots of critical materials such as silicon,” Sunder Nookala, general partner at Equirus Innovatex Fund, said in a statement. He added that silicon ingot growth is “a highly complex and strategic process that forms the foundation of wafer manufacturing and semiconductor chip production”.
Rajasekar Elavarasan, founder and chief executive officer of RSPL, said the funding “strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”
RSPL said it is currently the only private Indian firm working exclusively on Czochralski-based crystal growth equipment and single-crystal development. It has also executed projects for defence applications and secured orders worth ₹12 crore in FY26 from government departments and national laboratories.
Anirudh A Damani, managing partner at Artha Venture Fund, said the firm invested because RSPL addresses a structural gap in India’s renewable and advanced manufacturing ecosystem. “Building this capability locally is essential for long-term resilience,” he said.
