Chanakya Leads INR 25 Crore Pre-IPO Round in Tesla Power
Steptrade Capital’s Chanakya Opportunities Fund I has anchored an INR 25-crore pre-IPO round in Tesla Power Equipments and Projects, backing the transformer maker’s role in India’s accelerating renewable energy transition.
September 23, 2025. By Mrinmoy Dey
Chanakya contributed about 22 percent of the total raise, underscoring its conviction in India’s fast-growing renewable energy market.
Managed by CA Kresha Gupta and CFA Ankush Jain, Chanakya Opportunities Fund I focuses on high-potential sectors such as renewable energy, infrastructure, power and energy, waste management and defence. With the latest deal, the SME-exchange–focused AIF has now deployed more than INR 55 crore across private companies, cementing its position as an active backer of energy transition plays.
“This marks the sixth investment by Chanakya in the power and energy sector, reaffirming our strong conviction in the long-term opportunities this space offers. We believe that our association with Tesla Power Equipments and Projects will not only create value for our investors but also contribute meaningfully to India’s renewable energy transition,” said CA Kresha Gupta, Director and Fund Manager, Steptrade Capital.
Founded in 2004 by Jaideep Jain, Chairman and Managing Director, TPEPL manufactures, supplies, erects, tests and commissions power transformers, distribution transformers and inverter-duty transformers (IDTs) crucial for solar and wind projects. From its state-of-the-art plants in Bhopal and Mandideep with a combined 8,000 MVA capacity, Tesla Power caters to marquee clients such as Adani Green, Tata and NTPC, besides key government contracts.
TPEPL specialises in IDTs up to 20 MVA 33 kV class, equipment central to integrating, converting and distributing renewable power. The fresh capital will help the company expand manufacturing and strengthen its supply chain as India accelerates the shift to clean energy.
According to Industry reports aligned with government projections, solar and wind energy could rise from 34 percent of India’s installed capacity in April 2025 to nearly 52 percent by 2032, creating sustained demand for transformers and allied infrastructure.
By anchoring Tesla Power’s pre-IPO round, Chanakya Opportunities Fund I reinforces its strategy of future-ready investments that combine industrial depth with renewable impact. The partnership highlights how patient domestic capital is enabling India’s next wave of growth in sustainable power and energy manufacturing.
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