Navitas Alpha Renewables Raises 7 Crore Funding in Seed Round

Gujarat-based solar module manufacturer Navitas Solar’s Subsidiary company & a solar EVA manufacturer, Navitas Alpha Renewables Private Limited (NARPL) has raised 7 crores worth funding in its seed funding. NARPL raised this funding from a Gujarat-based investment advisory firm Niveshaay with the participation of Madhusudan Sarda, IVY Growth Associates, and others.

According to the company, fresh funds will be invested to add incremental capacity and strengthen the company’s R&D initiatives. In addition, the company will increase testing capabilities and enhance the value proposition of its product using some of the funds. To acquire a competitive edge in the market, NARPL will also work on novel goods such as POE encapsulants at the same time.

Akshay Agarwal, Director of NARPL, commented on the successful fundraising, “At this early stage of NARPL’s journey, it is an honor to have the support of such powerful and like-minded investors. Along with our current investors, Niveshaay’s support will help us take advantage of the opportunity and establish ourselves as an industry leader.”

The founder of Niveshaay, Arvind Kothari, offered the following assessment of the investment “Given the immense potential of the renewables sector and the NARPL team’s unrelenting pursuit of success, this investment seems an appropriate approach to promote India’s transition to sustainable energy. Niveshaay is thrilled to assist the NARPL team in taking advantage of the expanding solar market in the nation.”

Recently, NARPL had entered into a technological relationship and signed an MOU that enabled the company to jointly design a manufacturing technology that is more effective and less expensive than current options. This boost will aid the company’s future growth, along with its R&D expenditures.