Funding will accelerate R&D to develop an indigenous CZ silicon ingot grower producing 10 to 12 inch monocrystalline ingots.
Raana Semiconductors Pvt Ltd has raised $3 million in a Seed funding round to accelerate the development of indigenous silicon ingot growth systems, strengthening India’s push for self reliance in semiconductors and renewable energy. The pure equity round marks the company’s first institutional fundraise and was led by Equirus Innovatex Fund and Artha Venture Fund, with participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives and angel investor Garimella Laxminarayana. Prequate Advisory acted as the sole strategic advisor.
The funds will be used to accelerate R&D and product development, with a focus on building an indigenous Czochralski monocrystalline silicon ingot grower capable of producing 10 to 12 inch diameter ingots. Raana Semiconductors aims to deliver a market ready and scalable system for solar grade silicon manufacturing in India, reducing reliance on imported ingots and wafers. The initial focus will be on solar applications, with a longer term roadmap towards semiconductor grade wafer production.
Founded more than a decade ago, Raana Semiconductors specialises in Czochralski based crystal growth systems and single crystal materials. It is currently the only private Indian company working exclusively in this area, offering fully integrated turnkey systems along with commissioning and after sales process support.
Investors said the company addresses a critical gap in India’s advanced manufacturing ecosystem, where domestic control over key inputs remains limited despite growing solar capacity. Raana Semiconductors has also demonstrated defence grade execution through projects with the Ministry of Defence and has collaborated with institutions including BARC and IGCAR.
The company plans to commercialise its systems for the solar industry within 18 months and is targeting revenues of over ₹2 billion in the next three to four years.
