Chanakya Opportunities Fund exits Cosmic PV Power with 2x returns in just 10 months

Chanakya Opportunities Fund, the SME Exchange focused Alternative Investment Fund managed by CA Kresha Gupta and Ankush Jain, CFA, under Steptrade Capital, has taken a partial exit from its investment in Cosmic PV Power with 2x returns in just 10 months, as India’s solar manufacturing sector continues to grow rapidly with rising investor appetite for clean-tech assets.

The fund’s early investment in Cosmic PV Power, a solar module and cell manufacturer, has since been revalued to nearly 3x, following the company’s recent equity round at an approximate valuation of Rs 1,100 crore. 

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.

“Our investment philosophy centers 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 & Fund Manager at Steptrade Capital.