Deeptech startup Raana Semiconductors raises $3 million to build indigenous silicon ingot growth systems

Raana Semiconductors, a deeptech startup specialising in Czochralski-based crystal growth systems and single-crystal materials, has raised $3 million in a seed funding round led by Equirus Innovatex Fund and Artha Venture Fund.

The round also saw participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and Angel Investor Garimella Laxminarayana.

The startup said it will use the raised capital to accelerate product development and research and development, with a focus on building an indigenously designed Czochralski (CZ) monocrystalline silicon ingot grower capable of producing 10 to 12-inch diameter silicon ingots.

RSPL aims to demonstrate a fully market-ready, scalable system for solar-grade silicon manufacturing in India, reducing dependence on imported ingots and wafers.

Commenting on the investment, Sunder Nookala, General Partner, Equirus Innovatex Fund said, “No country can remain technologically advanced unless it can domestically grow single crystals and ingots of critical materials such as Silicon, Germanium & Gallium which underpin Defence, Semiconductor, Solar , and Medical technologies. Silicon ingot growth is a highly complex and strategic process that forms the foundation of wafer manufacturing and semiconductor chip production. We are deeply excited to partner with Raana Semiconductors for their patent-backed crystal growth innovations, positioning them as a key enabler of Atmanirbhar Bharat in indigenous semiconductor and crystal technologies.”

Speaking on the funding,  Rajasekar Elavarasan - Founder & CEO, RSPL said, “This funding represents an important milestone for RSPL as we advance the development of indigenous, high-diameter silicon ingot manufacturing systems. It strengthens our efforts to contribute meaningfully to India’s semiconductor growth story and the nation’s goal of technological self-reliance.”

Anirudh A. Damani, Managing Partner, Artha Venture Fund highlighted that “We invested in RSPL because it addresses a structural gap in India’s renewable and advanced manufacturing ecosystem. Despite large solar manufacturing capacity, control over critical inputs remains limited. Building this capability locally is essential for long‑term resilience. RSPL is positioned to be a foundational player as India scales advanced manufacturing, and that long‑cycle opportunity gives us conviction.”

Vikram Gupta, Founder and Managing Partner, IvyCap Ventures, said, “Raana Semiconductors stands out for its strong technical foundation, deeptech-led innovation, and clarity of vision, backed by an exceptional team. We were particularly impressed by their ability to translate deep scientific research into scalable, real-world manufacturing solutions. Their mission to build indigenous capabilities in advanced semiconductor manufacturing strongly aligns with India’s self-reliance goals, and we are excited to partner with them as they scale."

RSPL claims that it is currently the only private Indian company working exclusively on Czochralski-based crystal growth equipment and single-crystal development. The startup delivers fully integrated, turnkey CZ systems with on-site commissioning and provides comprehensive after-sales and process support, a capability typically unavailable from overseas suppliers.

Notably, it has collaborated with institutions such as the Bhabha Atomic Research Centre & IGCAR and has delivered a revenue CAGR of approximately 30 percent over recent years.

For FY 2025-26, the startup has secured confirmed orders worth Rs 12 crore from MeitY, Department of Atomic Energy and other National Laboratories. RSPL plans to commercialise its indigenous CZ crystal growth systems for the solar industry within the next 18 months, enabling gigawatt-scale silicon ingot production for solar manufacturers.

It aims to support semiconductor-grade wafer production for strategic applications, while targeting revenues exceeding Rs 200 crore within the next three to four years.