Raana Semiconductors Raises $3M to Develop Indigenous Silicon Ingot Systems for Solar

Raana Semiconductors Pvt. Ltd. (RSPL), a deep-tech Indian company specializing in Czochralski-based crystal growth systems and single-crystal materials, has raised $3 million in its first institutional Seed funding round. The pure equity round was led by Equirus Innovatex Fund and Artha Venture Fund, with participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana. Prequate Advisory served as the company’s exclusive strategic advisor.

The funds will accelerate product development and R&D, with a focus on building an indigenously designed Czochralski (CZ) monocrystalline silicon ingot grower capable of producing 10–12 inch diameter silicon ingots. RSPL aims to demonstrate a fully market-ready, scalable system for solar-grade silicon manufacturing in India, reducing dependence on imported ingots and wafers.

Sunder Nookala, General Partner, Equirus Innovatex Fund, said:
“No country can remain technologically advanced without domestic capabilities to grow critical materials like Silicon, Germanium, and Gallium. RSPL’s patent-backed crystal growth innovations position them as a key enabler of Atmanirbhar Bharat in semiconductor and crystal technologies.”

RSPL Founder & CEO Rajasekar Elavarasan added:
“This funding is a key milestone as we advance indigenous high-diameter silicon ingot manufacturing, contributing to India’s semiconductor growth story and technological self-reliance.”

The company is currently the only private Indian firm working exclusively on Czochralski-based crystal growth equipment and single-crystal development, delivering fully integrated CZ systems with on-site commissioning and comprehensive after-sales support. RSPL has also executed defence-grade projects, including the iDEX DISC X project under the Ministry of Defence for Nd:YAG single crystals.

With over a decade in the semiconductor sector, RSPL has collaborated with Bhabha Atomic Research Centre and IGCAR, delivering a revenue CAGR of ~30% in recent years. For FY 2025-26, it has secured confirmed orders worth ₹12 crore from MeitY, Department of Atomic Energy, and other national laboratories.

RSPL plans to commercialize its indigenous CZ crystal growth systems for the solar industry within 18 months, enabling gigawatt-scale silicon ingot production. Over the longer term, it aims to support semiconductor-grade wafer production for strategic applications, targeting revenues exceeding ₹200 crore within three to four years.