Raana Semiconductors Pvt. Ltd. (RSPL), a deep-tech player in the semiconductor sector, has raised $3 million in its first institutional capital raise, marking a major step in India’s push for technological self-reliance. 

 

The pure equity Seed round was 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 for the transaction.

 

The funds will accelerate RSPL’s product development and R&D efforts, focusing on an indigenously designed Czochralski (CZ) monocrystalline silicon ingot grower, capable of producing 10–12-inch silicon ingots. The company aims to demonstrate a fully market-ready, scalable system for solar-grade silicon manufacturing in India, reducing dependence on imported ingots and wafers.

 

Sunder Nookala, General Partner, Equirus Innovatex Fund, highlighted the strategic importance of the investment: “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.”

 

RSPL Founder & CEO, Rajasekar Elavarasan, called the funding “an important milestone”: “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, emphasized RSPL’s strategic role: “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.”

 

Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, added: "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 the only private Indian company exclusively working on Czochralski-based crystal growth equipment and single-crystal development, delivering fully integrated, turnkey systems with on-site commissioning and after-sales support—capabilities rarely offered by overseas suppliers.