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Navitas Alpha Renewables Private Limited (NARPL), a solar EVA manufacturer and a subsidiary of Navitas Solar, has raised INR 70 million in its seed funding led by Niveshaay (Investment Advisors) with participation from Madhusudan Sarda, IVY Growth Associates, and others.
NARPL is a joint venture between Navitas Green Solutions Private Limited and Alpha Plastomers Private Limited.It is strategically positioned to leverage strengths from one of India’s leading solar module manufacturers and a major participant in the plastic packaging industry.
The fresh funds will be invested to add incremental capacity and strengthen the company’s R&D initiatives. The company will also use part of the capital to ramp up its testing capabilities and improve its product’s value proposition. At the same time, NARPL will also work on new products like POE encapsulants to gain an edge in the industry.
Commenting on the successful fundraising, Akshay Agarwal, Director of NARPL, said, “It is a privilege to have the support of such strong and like-minded investors at this early stage of NARPL’s journey. With the backing from Niveshaay, in addition to our existing investors, we are well on our way to capitalizing on the opportunity and becoming an industry leader.”
Commenting on the investment, Arvind Kothari, Founder of Niveshaay, said, “Given the enormous potential of the renewables sector and the NARPL team’s relentless pursuit of success, this investment seems an ideal way to support India’s transition to sustainable energy. We at Niveshaay are excited to help the NARPL team take advantage of the growing solar opportunities in the country.”
NARPL recently signed an MOU and entered into a technical partnership with a domestic EVA line manufacturer. It allowed the company to co-develop an exclusive low-cost, higher efficiency manufacturing technology than current alternatives. This leg-up, together with its R&D investments, will help the company grow in the future.