Driving renewable growth, Chanakya backs Tesla Power with ₹25 crore pre-IPO funding to expand transformer manufacturing capacity.
Steptrade Capital’s Category II Alternative Investment Fund (AIF), Chanakya Opportunities Fund I, has led a ₹25 crore pre-initial public offering round in Tesla Power Equipments and Projects (TPEPL), a manufacturer of transformers for renewable energy projects. The move highlights growing investor confidence in India’s clean energy sector.
Chanakya contributed around 22 per cent of the total funding. Managed by CA Kresha Gupta and CFA Ankush Jain, the fund focuses on high-growth sectors including renewable energy, power, infrastructure, waste management and defence. Since its inception, it has deployed over ₹55 crore across private companies, with a strong emphasis on India’s energy transition.
Founded in 2004 by Jaideep Jain, TPEPL produces power transformers, distribution transformers and inverter duty transformers (IDTs) used in solar and wind energy projects. Operating plants in Bhopal and Mandideep with a combined capacity of 8,000 MVA, the company serves clients such as Adani Green, Tata and NTPC, alongside government contracts. Its IDTs, up to 20 MVA 33 kV class, play a key role in integrating renewable power into grids.
According to the company, the fresh capital will be used to expand manufacturing capabilities and strengthen supply chains. Industry projections suggest renewable sources such as solar and wind could account for over half of India’s installed capacity by 2032, boosting demand for transformers and related infrastructure.
Chanakya’s latest investment is its sixth in the power and energy sector. Fund Manager Kresha Gupta said the partnership with TPEPL is expected to create value for investors while contributing to India’s long-term renewable energy growth.
