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Navitas Alpha Renewables Private Limited (NARPL), a solar EVA manufacturer and subsidiary of Navitas Solar, has raised INR 70 crore in seed funding led by Niveshaay (investment advisor), Action Tesa Group, Madhusudan Sarda, IVY Growth Also involved colleagues etc. The new funding will be used to increase production capacity and strengthen the company’s R&D program. The company will also use some of the funding to increase its testing capabilities and improve the value proposition of its products.
“It has been a privilege to have the support of such a strong and like-minded investor in the early stages of NRPL’s journey. With Niveshaay’s support, in addition to our existing investors, we are capitalizing on this opportunity and becoming an industry leader,” NAPL Director Akshay Agarwal.
NARPL is a joint venture between Navitas Green Solutions Private Limited (Navitas Solar) and Alpha Plastomers Private Limited (Alpha Group). NAPL entered the manufacturing industry in 2020, producing EVA encapsulation films, a key input in solar module manufacturing, and marketed under the EVO FCP brand.
“Given the enormous potential of the renewable energy industry and the NRPL team’s relentless pursuit of success, this investment seems like an ideal way to support India’s transition to sustainable energy. We at Niveshaay are delighted to help the NRPL team harness the country’s growing solar energy Opportunity,” Niveshaay founder Arvind Kothari.