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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.”
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.”
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.
About Raana Semiconductors
Raana Semiconductors has been founded by Rajasekar Elavarasan. Raana Semiconductors Pvt Ltd (RSPL) is an Indian deep-tech company specializing in developing indigenous crystal growth systems for high-precision materials, focusing on silicon ingots for solar/semiconductors, laser crystals (Nd:YAG), and other advanced materials for defense and strategic sectors, aiming to build India’s self-reliance in critical technologies through patented Czochralski (CZ) technology. They design and manufacture equipment, offer process support, and recently secured significant funding to build India’s own silicon ingot and wafer ecosystem, reducing import dependency.