Raana Semiconductors Raises USD 3 Million Seed Funding to Build Indigenous Silicon Ingot Systems

Raana Semiconductors Pvt. Ltd. (RSPL), a deep-tech semiconductor company specialising in Czochralski (CZ) crystal growth systems, has raised USD 3 million in a pure equity Seed funding round, marking its first institutional capital raise.

The 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 acted as the exclusive strategic advisor to RSPL for the transaction.

The fresh capital will be deployed towards R&D and product development of indigenously designed Czochralski monocrystalline silicon ingot growth systems, strengthening India’s domestic capabilities across solar, semiconductor and strategic technology supply chains.

RSPL’s initial focus is on developing 10–12 inch solar-grade silicon ingot growers, with a long-term roadmap extending to semiconductor-grade wafer manufacturing. The company aims to deliver a scalable, market-ready system that reduces India’s reliance on imported silicon ingots and wafers.

Commenting on the investment, Sunder Nookala, General Partner, Equirus Innovatex Fund, said that domestic crystal and ingot growth capabilities are critical for technologies spanning defence, semiconductors, solar and medical applications. He added that RSPL’s patent-backed innovations position the company as a key enabler of India’s indigenous semiconductor ecosystem.

Rajasekar Elavarasan, Founder and CEO, RSPL, said that the funding marks a significant milestone in advancing high-diameter silicon ingot manufacturing systems and reinforces the company’s role in India’s semiconductor growth journey and technological self-reliance.

Anirudh A. Damani, Managing Partner, Artha Venture Fund, noted that while India has scaled solar manufacturing capacity, control over critical upstream inputs remains limited, and RSPL addresses this structural gap with long-term impact.

Echoing this, Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, highlighted RSPL’s strong technical foundation and ability to translate deep scientific research into scalable manufacturing solutions aligned with India’s Atmanirbhar Bharat objectives.

According to the company, RSPL is currently the only private Indian entity focused on Czochralski-based crystal growth equipment and single-crystal development. It supplies turnkey CZ systems with on-site commissioning and after-sales process support, functions that are typically sourced from overseas suppliers. The company has also undertaken defence-related work, including participation in the iDEX DISC X programme under the Ministry of Defence for Nd:YAG single crystals.

RSPL has over a decade of experience in the semiconductor sector and has collaborated with institutions including BARC and IGCAR. The company reported a revenue CAGR of about 30 percent in recent years and has confirmed orders worth INR 12 crore for FY26 from MeitY, the Department of Atomic Energy and national laboratories.

RSPL plans to commercialise its indigenous CZ systems for the solar industry within 18 months, enabling gigawatt-scale silicon ingot production, while targeting revenues exceeding INR 200 crore over the next three to four years.