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Raana Semiconductors Secures USD 3 Million in Seed Capital to Develop Homegrown Silicon Ingot Growth Technology

Raana Semiconductors Pvt. Ltd. (RSPL), a deep-tech company focused on Czochralski (CZ) crystal growth systems, has raised USD 3 million in a seed-stage equity funding round, marking its first institutional investment.

The funding round was led by Equirus Innovatex Fund and Artha Venture Fund, with additional participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana. Prequate Advisory served as the exclusive strategic advisor to RSPL for the transaction.

The newly raised capital will be channelled into research, development, and product engineering of indigenously designed Czochralski-based monocrystalline silicon ingot growth systems. The initiative aims to bolster India’s domestic capabilities across the solar, semiconductor, and strategic technology value chains.

RSPL’s near-term development roadmap includes 10–12 inch solar-grade silicon ingot growers, while its longer-term vision extends to semiconductor-grade wafer manufacturing. The company is working towards delivering scalable, market-ready systems that can reduce India’s dependence on imported silicon ingots and wafers.

Commenting on the investment, Sunder Nookala, General Partner at Equirus Innovatex Fund, said that establishing domestic crystal and ingot growth capabilities is essential for critical sectors such as defence, semiconductors, solar energy, and medical technologies. He added that RSPL’s patent-backed innovations position the company as a key contributor to India’s indigenous semiconductor ecosystem.

Rajasekar Elavarasan, Founder and Chief Executive Officer of RSPL, described the funding as a major milestone in advancing high-diameter silicon ingot manufacturing systems and reinforcing the company’s role in India’s journey towards technological self-reliance.

Anirudh A. Damani, Managing Partner at Artha Venture Fund, noted that despite India’s rapid expansion in solar manufacturing, control over upstream inputs remains limited. He said RSPL addresses this critical structural gap with solutions that can deliver long-term impact.

Vikram Gupta, Founder and Managing Partner at IvyCap Ventures, echoed this view, highlighting RSPL’s strong technical foundation and its ability to translate advanced scientific research into scalable manufacturing platforms aligned with India’s Atmanirbhar Bharat vision.

According to the company, RSPL is currently the only private Indian enterprise focused on Czochralski-based crystal growth equipment and single-crystal development. It provides turnkey CZ systems, including on-site commissioning and after-sales process support—capabilities that are traditionally sourced from overseas suppliers. The company has also executed defence-related projects, including participation in the Ministry of Defence’s iDEX DISC X programme for Nd:YAG single crystals.

With more than a decade of experience in the semiconductor sector, RSPL has collaborated with institutions such as BARC and IGCAR. The company has recorded a revenue CAGR of approximately 30 percent in recent years and has confirmed orders worth Rs 12 crore for FY26 from MeitY, the Department of Atomic Energy, and national laboratories.

Looking ahead, RSPL plans to commercialise its indigenous CZ systems for the solar sector within the next 18 months, enabling gigawatt-scale silicon ingot production. The company is targeting revenues exceeding Rs 200 crore over the next three to four years.