Chanakya Opportunities Fund Makes Partial Exit from Cosmic PV Power, Achieves 2x Return In Just 10 Months As Solar Sector Booms

Chanakya Opportunities Fund, an SME-focused Alternative Investment Fund managed by CA Kresha Gupta and Ankush Jain, CFA, under Steptrade Capital, has successfully made a partial exit from its investment in Cosmic PV Power Private Limited, achieving a 2x return in just ten months. This comes as India’s solar manufacturing sector continues to grow rapidly, attracting increasing investor interest in clean-tech assets. The fund’s early investment in Cosmic PV Power, one of India’s fastest-growing manufacturers of solar modules and cells, has now been revalued to nearly 3x following the company’s recent equity round, which placed its valuation at approximately ₹1,100 crore.

Founded in 2020 by Jenish Kumar Ghael and Shravan Kumar Gupta, Cosmic PV Power produces high-efficiency solar modules using mono- and polycrystalline cell technologies, including Mono-PERC and TOPCon. The company operates a 600 MW manufacturing facility and is executing a phased expansion, first to 1.4 GW and subsequently to 3 GW total capacity. Its product range includes high-output modules of up to ~580 Wp, positioning the company to meet growing domestic and international demand for advanced solar modules.

The partial exit from Cosmic PV Power comes amid strong growth in India’s renewable energy sector. The country added close to 20 GW of solar capacity in FY25, marking its highest annual installation to date, and domestic module manufacturing is projected to surpass 150 GW by 2027, according to MNRE estimates. India aims to achieve 500 GW of renewable energy capacity by 2030, emphasizing domestic manufacturing through the Production-Linked Incentive (PLI) programme. Companies like Cosmic PV Power are benefiting from these long-term trends as global supply chains shift toward diversified manufacturing.

“Our investment approach focuses on identifying scalable, sustainable, founder-led businesses in the SME and microcap segments. Cosmic PV Power’s rapid growth underscores India’s potential as a hub for renewable energy manufacturing. Achieving a 2x return in just ten months is a notable accomplishment in the SME and microcap space, where typical growth horizons range from two to four years. We expect domestic solar capacity to expand significantly over the next decade as India moves toward energy independence,” said CA Kresha Gupta, Director and Fund Manager at Steptrade Capital.

Chanakya Opportunities Fund has allocated approximately 18% of its overall corpus to the renewable energy sector, reflecting the industry’s strong fundamentals, favorable policy framework, and growing ESG-aligned interest from institutional and family office investors. The fund continues to identify high-growth opportunities in manufacturing-driven, export-oriented, and sustainability-focused businesses that align with India’s macroeconomic growth and clean energy objectives.