Raana Semiconductors Raises $3 million in Seed Funding to Build Indigenous Silicon Ingot Growth Systems

Key Highlights:

• $3 million raised in a pure equity Seed round, marking RSPL’s first institutional funding
• Round 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 were the sole strategy advisor for the Company in this round.
• Funds to support R&D and product development of indigenous Czochralski (CZ) silicon ingot growth systems
• Initial focus on 10-12 inch solar-grade silicon ingots, with a roadmap toward semiconductor-grade wafers
• Strengthens India’s self-reliance across renewable energy, semiconductors and strategic technologies

Raana Semiconductors Pvt. Ltd. (RSPL), a deep-tech company with over a decade of experience in the semiconductor sector, specialising in Czochralski-based crystal growth systems and single-crystal materials, has raised $3 million in a Seed funding round. This marks the company’s first institutional capital raise and is a pure equity round 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, partnering closely to shape the investment narrative and structure the raise.

The funds will be utilised to accelerate product development and research and development, with a focus on building an indigenously designed Czochralski (CZ) monocrystalline silicon ingot grower capable of producing 10 to 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.

Commenting on the investment, Sunder Nookala, General Partner, Equirus Innovatex Fund, said, “No country can remain technologically advanced unless it can domestically grow single crystals and ingots of critical materials such as Silicon, Germanium & Gallium which underpin Defence, Semiconductor, Solar, and Medical technologies. Silicon ingot growth is a highly complex and strategic process that forms the foundation of wafer manufacturing and semiconductor chip production. We are deeply excited to partner with Raana Semiconductors for their patent-backed crystal growth innovations, positioning them as a key enabler of Atmanirbhar Bharat in indigenous semiconductor and crystal technologies.”

Speaking on the funding,  Rajasekar Elavarasan, Founder & CEO, RSPL, said, “This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems. It strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”

Anirudh A. Damani, Managing Partner, Artha Venture Fund, highlighted that “We invested in RSPL because it addresses a structural gap in India’s renewable and advanced manufacturing ecosystem. Despite large solar manufacturing capacity, control over critical inputs remains limited. Building this capability locally is essential for long‑term resilience. RSPL is positioned to be a foundational player as India scales advanced manufacturing, and that long‑cycle opportunity gives us conviction.”

Echoing this view, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said, “Raana Semiconductors stands out for its strong technical foundation, deeptech-led innovation, and clarity of vision, backed by an exceptional team. We were particularly impressed by their ability to translate deep scientific research into scalable, real-world manufacturing solutions. Their mission to build indigenous capabilities in advanced semiconductor manufacturing strongly aligns with India’s self-reliance goals, and we are excited to partner with them as they scale.”

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 with on-site commissioning and provides comprehensive after-sales and process support, a capability typically unavailable from overseas suppliers. RSPL 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.

With over a decade of experience in the semiconductor sector, RSPL has collaborated with institutions such as the Bhabha Atomic Research Centre & IGCAR and has delivered a revenue CAGR of approximately 30% over recent years. For FY 2025-26, the company has secured confirmed orders worth ₹12 crore from MeitY, 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 solar manufacturers. Over the longer term, the company aims to support semiconductor-grade wafer production for strategic applications, while targeting revenues exceeding ₹200 crore within the next three to four years.