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Chanakya Opportunities Fund Secures 2x Returns in 10 Months After Partial Exit from Cosmic PV Power

Chanakya Opportunities Fund—an SME Exchange–focused Alternative Investment Fund managed by CA Kresha Gupta and Ankush Jain under Steptrade Capital—has achieved 2x gains within just 10 months through a partial exit from its investment in solar module manufacturer Cosmic PV Power. The move highlights the rising momentum and investor confidence in India’s fast-growing solar manufacturing landscape.

According to the fund, its early investment has now been revalued to nearly 3x, following Cosmic PV Power’s latest equity round, which pegged the company’s valuation at around INR 1,100 crore.

Founded in 2020 by Jenish Kumar Ghael and Shravan Kumar Gupta, Cosmic PV Power produces high-efficiency solar modules built on mono- and polycrystalline technologies, including Mono-PERC and TOPCon. The company currently operates a 600 MW manufacturing line and is undertaking a phased expansion—first to 1.4 GW, and then adding another 1.6 GW to reach a total capacity of 3 GW. Its product portfolio features advanced modules delivering up to ~580 Wp, serving both domestic and export markets.

The partial exit aligns with a period of rapid growth in India’s renewable energy sector. The country added nearly 20 GW of solar capacity in FY25, the highest annual installations to date, and domestic solar module manufacturing is projected to exceed 150 GW by 2027, according to MNRE projections.

Commenting on the development, CA Kresha Gupta, Director and Fund Manager at Steptrade Capital, said:

“Our investment approach focuses on scalable, sustainable, founder-led businesses in the SME and microcap space. Cosmic’s trajectory underscores India’s rise as a global renewable energy manufacturing hub. Achieving a 2x return in ten months is remarkable in this segment, where such growth typically takes two to four years.”

India is targeting 500 GW of renewable energy capacity by 2030, with strong support for domestic manufacturing through the PLI scheme. Companies like Cosmic PV Power are benefiting from these long-term structural shifts and global supply chain diversification trends.

Chanakya Opportunities Fund has allocated about 18% of its corpus to renewable energy, reflecting strong sector fundamentals, policy support, and increasing ESG-driven interest from institutional investors and family offices. The fund continues to evaluate opportunities in manufacturing-led, export-focused, and sustainability-driven businesses aligned with India’s clean energy ambitions.