Chanakya Opportunities Fund has recorded a 2x return after partially exiting its investment in Cosmic PV Power within ten months. The SME Exchange-focused Alternative Investment Fund, managed under Steptrade Capital by CA Kresha Gupta and Ankush Jain, has benefited from improving valuations in India’s solar manufacturing space. The exit reflects growing investor appetite for renewable-energy assets during a period of rapid industry expansion.
Cosmic PV Power
Cosmic PV Power, a solar module and cell manufacturer, has seen its valuation rise significantly in recent months. The company’s latest equity round has pushed its valuation to nearly Rs 1,100 crore, resulting in an effective revaluation of almost 3x for early investors. The fund’s partial exit was timed with this financing event, which came amid strong demand for domestic solar manufacturing capacity.
Founded in 2020 by Jenish Kumar Ghael and Shravan Kumar Gupta, Cosmic PV Power produces high-efficiency solar modules using mono- and polycrystalline technologies, including Mono-PERC and TOPCon. The company operates a 600 MW facility and is currently executing a phased capacity expansion to reach 3 GW over the next few years.
Industry Growth Continues
The expansion plan includes an increase to 1.4 GW in the first phase, followed by an additional 1.6 GW, positioning the manufacturer to meet rising domestic and export requirements. Its product portfolio includes modules delivering up to 580 Wp, a range that aligns with increasing demand for advanced, high-output panels in utility and commercial installations.
The exit comes at a time when India is witnessing its fastest-ever growth in solar deployment. The country added close to 20 GW of solar capacity in FY25, the highest ever installed in a single year. According to estimates by the Ministry of New and Renewable Energy (MNRE), domestic module manufacturing capacity is projected to cross 150 GW by 2027, supported by policy incentives and accelerating private investment.
Steptrade Capital noted that SME and micro-cap investments typically take two to four years to deliver meaningful returns. The fund’s 2x return within ten months was described by the managers as an example of the momentum within India’s renewable-energy manufacturing ecosystem. The firm emphasised that scalable, founder-led businesses in sectors aligned with national growth priorities remain central to its investment strategy.
Investor Outlook Strengthens
The fund added that India’s ambition to achieve energy independence over the next decade is expected to drive continued expansion in solar manufacturing. Domestic demand, backed by large-scale commercial projects and export opportunities, is contributing to steady valuation gains for companies with established manufacturing capabilities.
The revaluation of Cosmic PV Power also highlights rising investor interest in early-stage clean-tech firms. With multiple companies pursuing capacity expansion to meet future demand, the renewable-energy supply chain remains a key focus area for institutional and alternative investment funds in the country.
SME Exchanges in India
India’s SME Exchanges have been gaining prominence as an avenue for smaller, high-growth companies to raise capital and gain market visibility. Platforms such as NSE Emerge and BSE SME enable early-stage firms to access equity financing without the stringent compliance requirements associated with main-board listings.
These exchanges have seen increasing participation from alternative investment funds, family offices and retail investors, particularly in sectors linked to manufacturing, technology and clean energy. As regulatory support strengthens and investor interest rises, SME Exchanges are expected to play a larger role in supporting India’s industrial growth story over the coming decade.
