Raana Semiconductors Pvt Ltd (RSPL), a Bengaluru-based deep-technology company with more than ten years of operating experience in the semiconductor domain, has secured $3 million in Seed funding. This is the company’s first institutional fundraise and was structured as a 100 percent equity round.
The 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 acted as the exclusive strategic advisor to RSPL, supporting the company in shaping the transaction and investment structure.
RSPL will deploy the capital towards advanced product development and R&D, with a core focus on building a fully indigenous Czochralski (CZ) monocrystalline silicon ingot grower capable of producing 10–12 inch diameter ingots. The company plans to demonstrate a market-ready, scalable system designed specifically for solar-grade silicon production in India, reducing reliance on imported ingots and wafers.
Commenting on the investment, Sunder Nookala, General Partner at Equirus Innovatex Fund, said that domestic capability in growing single crystals of critical materials such as silicon, germanium and gallium is essential for national progress across defence, semiconductors, solar and medical technologies. He noted that silicon ingot growth is a technically demanding and strategically vital process that underpins wafer manufacturing and chip production, adding that RSPL’s patented innovations place it in a strong position to contribute to India’s self-reliance ambitions.
Rajasekar Elavarasan, Founder and CEO of RSPL, said the fundraise marks an important step as the company advances high-diameter silicon ingot manufacturing systems developed entirely in India. He added that the investment strengthens RSPL’s ability to play a meaningful role in India’s expanding semiconductor ecosystem and long-term technology independence.
Anirudh A Damani, Managing Partner at Artha Venture Fund, said the decision to invest was driven by RSPL’s role in addressing a critical gap in India’s renewable energy and advanced manufacturing value chain. Despite significant solar module capacity, control over key upstream inputs remains limited, he noted, adding that localising this capability is essential for long-term resilience and industrial scale-up.
Echoing this view, Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, said RSPL stands out for its strong technical depth, research-led approach and ability to translate scientific innovation into scalable manufacturing systems. He added that the company’s focus on building indigenous semiconductor capabilities closely aligns with India’s self-reliance goals.
RSPL is currently the only private Indian company working exclusively on Czochralski-based crystal growth equipment and single-crystal development. The company delivers fully integrated, turnkey CZ systems, including on-site commissioning and long-term process support—services typically unavailable from overseas suppliers.
The company has also demonstrated defence-grade execution through its iDEX DISC X project under the Ministry of Defence for Nd:YAG single crystals, following which it received a Letter of Indent for further procurement.
Over the past decade, RSPL has collaborated with leading institutions including Bhabha Atomic Research Centre and IGCAR, and has achieved a revenue CAGR of approximately 30 percent in recent years. For FY 2025–26, the company has secured confirmed orders worth ₹12 crore from MeitY, the Department of Atomic Energy, and other national laboratories.
RSPL plans to commercialise its indigenous CZ crystal growth systems for the solar industry within the next 18 months, enabling gigawatt-scale silicon ingot production for domestic solar manufacturers. Over the longer term, the company aims to support semiconductor-grade wafer production for strategic applications and is targeting revenues of over ₹200 crore within three to four years.
Raana Semiconductors Pvt Ltd (RSPL) is an Indian deep-technology company specialising in Czochralski-based crystal growth systems and single-crystal materials. With over a decade of experience, the company develops indigenous solutions for solar, semiconductor, defence and strategic applications, working closely with national research laboratories and industry partners. RSPL is focused on building high-quality, research-driven manufacturing capabilities that support India’s long-term technology and materials self-reliance.
