Chanakya Opportunities Fund Partially Exits Cosmic PV Power Booking 2x Gain in 10 Months
Chanakya Opportunities Fund has booked 2x returns in just 10 months by taking a partial exit from its investment in solar module maker Cosmic PV Power, underscoring the accelerating momentum and investor confidence in India’s fast-expanding solar manufacturing ecosystem.
November 17, 2025. By Mrinmoy Dey
The fund’s early investment in Cosmic PV Power has since been revalued to nearly 3x, following the company’s recent equity round at an approximate valuation of INR 1,100 crore, the company said in a statement.
Founded in 2020 by Jenish Kumar Ghael and Shravan Kumar Gupta, Cosmic PV Power manufactures high efficiency solar modules using mono- and polycrystalline cell technologies, including Mono-PERC and TOPCon. The company currently operates a 600 MW manufacturing facility and is executing a phased expansion, first to 1.4 GW and subsequently adding another 1.6 GW to take total capacity to 3 GW. Cosmic’s module range includes high-output modules up to ~580 Wp, positioning the company to meet rising domestic and export demand for advanced solar modules.
The exit comes at a time when India’s renewable energy sector is expanding at unprecedented speed, with the country adding close to 20 GW of solar capacity in FY25, highest annual installation to date and domestic module manufacturing projected to surpass 150 GW by 2027 as per MNRE estimates, it said.
“Our investment philosophy centres on finding scalable, sustainable founder-led businesses in the SME and microcap sectors. Cosmic’s growth demonstrates India’s potential as a renewable manufacturing hub. We anticipate significant growth in domestic solar capacity over the next decade as India aims for energy independence. Achieving a 2x return in just ten months is an achievement in the SME and microcap space, where growth typically takes two to four years,” said CA Kresha Gupta, Director and Fund Manager at Steptrade Capital.
India aims for 500 GW of renewable energy by 2030, prioritising domestic manufacturing through the Production-Linked Incentive (PLI) programme. Companies like Cosmic PV Power are benefiting from these long-term trends and a global shift in supply chains towards diversified manufacturing.
Chanakya Opportunities Fund has allocated approximately 18 percent of its overall corpus to renewable energy, reflecting the sector’s strong fundamentals, supportive policy environment and the growing ESG-aligned interest from institutional and family office investors. The fund continues to scout high-growth opportunities in manufacturing-driven, export-oriented and sustainability-led businesses that align with India’s macro-growth and clean-energy roadmap, it said.
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