Navita Alpha Renewables raises INR 7 crore in a seed funding round. The funding round was led by Niveshaay (Investment Advisors) with participation from Madhusudan Sarda, IVY Growth Associates, and others. The company will use these funds to further invest in R&D and product development.
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."
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.”