Navitasα再保险newables Raises INR 7 Crore In Seed FundingThe fresh funds will be invested to add incremental capacity and strengthen the company's R&D initiatives
ByTeena Jose•
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Navitasα再保险newables Private Limited (NARPL), a solar EVA manufacturer and a subsidiary of Navitas Solar, has raised INR 7 crore in a Seed funding led by Niveshaay (investment advisors) along with the participation of Madhusudan Sarda, IVY Growth Associates, and others. The fresh funds will be invested to add incremental capacity and strengthen the company's R&D initiatives. The company will also use part of the capital to ramp up its testing capabilities and improve its product's value proposition.
"It is a privilege to have the support of such strong and like-minded investors at this early stage of NARPL's journey. With the backing from Niveshaay, in addition to our existing investors, we are well on our way to capitalizing on the opportunity and becoming an industry leader," Akshay Agarwal, director, NARPL.
NARPL is a joint venture between Navitas Green Solutions Private Limited (Navitas Solar) and Alpha Plastomers Private Limited (Alpha Group). With its foray into manufacturing in 2020, NARPL manufactures EVA encapsulant films, a critical input in solar module manufacturing, and markets them under the brand EVO FCP.
"Given the enormous potential of the renewables sector and the NARPL team's relentless pursuit of success, this investment seems an ideal way to support India's transition to sustainable energy. We, at Niveshaay, are excited to help the NARPL team take advantage of the growing solar opportunities in the country," Arvind Kothari, founder, Niveshaay.
