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Solar Exports Are Booming, But Domestic Supply May Feel the Pinch: SolarSquare Co-Founder

OutlookIndia

OutlookIndia · 5m ago

Solar Exports Are Booming, But Domestic Supply May Feel the Pinch: SolarSquare Co-Founder

In an interview, SolarSquare Co-Founder Shreya Mishra discusses the impact of tariffs on Chinese solar panels, leading to increased exports from Indian manufacturers. While this provides new opportunities, it can also strain domestic supply. Mishra highlights that residential solar in India is rapidly growing, with expanded adoption across states. SolarSquare, a leader in residential solar, leverages a full-stack model and benefits from policy support. Challenges remain in component availability, but domestic manufacturing is expected to improve.

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Tariff to have negligible impact; diversification remains key: PHDCCI

Economic Times

Economic Times · 2m ago

Tariff to have negligible impact; diversification remains key: PHDCCI

The 25% US tariffs on Indian imports, announced by President Trump, are expected to have a minimal impact on India's GDP, affecting only 1.87% of India's global merchandise exports and 0.19% of GDP, according to PHDCCI. The organization recommends diversifying trade agreements to mitigate geopolitical uncertainty and protectionism. While some export sectors may feel the pinch, overall macroeconomic stability can be maintained through strategic market diversification and value addition.

India's diesel exports to Europe probably surged to record in September, sources say

Economic Times

Economic Times · 26d ago

India's diesel exports to Europe probably surged to record in September, sources say

India's diesel exports to Europe surged to a record high in September, driven by robust profits amid refinery maintenance in Europe. Exports reached 1.3 to 1.4 million metric tons, marking the highest levels since 2017. European diesel supply constraints and lower shipping costs contributed to this increase. However, exports may decline in October due to India's domestic demand but could remain high due to better profit margins, offsetting the EU's sanctions impact on Russian oil-derived products.

SolarSquare has emerged as India's most trusted home solar brand: Taneja

Inshorts · 10m ago

After SolarSquare raised $40 million in its Series B funding round, Lightspeed Venture Partners' Rahul Taneja said the solar installation startup has emerged as the "most trusted residential solar brand in India". "We love...passion with which co-founders have built the brand, product and full stack experience," Taneja added. Notably, Taneja's firm led the startup's funding round.

India's solar industry, aiming to compete with China, finds strength as US tariffs hit home

Economic Times

Economic Times · 1m ago

India's solar industry, aiming to compete with China, finds strength as US tariffs hit home

India is aiming to boost its solar industry to compete with China by expanding domestic manufacturing. A factory in Jaipur showcases India's growth with solar components. India's solar production capacity more than doubled, supported by government policies and incentives. Despite U.S. tariffs impacting exports, strong domestic demand mitigates disruptions. While still reliant on Chinese imports, India is reducing dependency and enhancing its solar infrastructure, moving towards its ambitious clean energy targets.

Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

Entrackr

Entrackr · 1y ago

Exclusive: SolarSquare raises fresh funds from Zerodha's Rainmatter, Gruhas, others

Rooftop solar startup SolarSquare has raised $4.2 million from existing investors Zerodha’s Rainmatter Capital, Abhijeet Pai and Nikhil Kamath’s Gruhas Proptech, Lowercrabon Capital, Climate Angels and Good Capital. The board at SolarSquare has passed a special resolution to allot 7,589 Series B compulsory convertible debentures at an issue price of Rs 46,710 to raise Rs 35.44 crore, its regulatory filing shows. Lowercarbon and Good Capital invested Rs 20.74 crore and 3.32 crore while Gruhas Proptech and Rainmatter separately pumped in Rs 6.22 crore and Rs 3.98 crore, respectively. The funding will be used for the expansion, working capital requirements, and general corporate purposes, according to the filings. Every debenture issue during the round will be converted into a preference share at the next qualified funding round and the investors are considering the same to take place at a valuation of $75 million, the filings further added. As per TheKredible estimates, the company has been valued at around Rs 394 crore or $48 million post-allotment. The company is likely to raise more funds in this round and the valuation may vary after the final tranche. SolarSquare has raised over $20 million to date including its Rs 100 crore ($12 million) Series A round led by Elevation Capital and Lowercarbon in November 2022. According to the startup data intelligence platform TheKredible, Lowercrabon is the largest external stakeholder with 20.29% followed by Elevation Capital which holds 14.99%. Rainmatter and Gruhas Proptech own 3.84% and 2.50% respectively in SolarSquare. Head to TheKredible for the complete shareholding pattern. Founded by Neeraj Jain and Nikhil Nahar, SolarSquare designs, installs, and finances rooftop solar systems for homes. It also provides rooftop solar solutions for housing societies and commercial establishments. The company is yet to file its financial statements for FY24 but its revenue from operations grew 35.4% to Rs 107 crore in FY23. It posted Rs 35 crore loss in the same period. SolarSquare competes with Zunroof, Cleantech, Mysun, Oorjan, and Freyr Energy, among others. In February, the company acquired PV Diagnostics, a company with expertise in the utility scale solar power sector. Update: The story and headline have been updated to reflect Zerodha Technology as Zerodha’s Rainmatter Capital.

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar

Entrackr

Entrackr · 2m ago

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar

Nikhil Kamath invests Rs 137.5 Cr in Goldi Solar Goldi Solar, a solar photovoltaic (PV) module manufacturer, has raised Rs 137.5 crore from Zerodha co-founder Nikhil Kamath. The proceeds will be used for its expansion into solar cell production, Goldi Solar said in a press release. Established in 2011 by Ishverbhai Dholakia, Goldi Solar manufactures solar PV modules, with a significant presence in India and global exports to over 20 countries. The company has a large module manufacturing capacity, currently at 14.7 GW, and is expanding its cell manufacturing capabilities as well. Besides module manufacturing, the Surat-based company also offers Engineering, Procurement, and Construction (EPC) services for solar projects. It is involved in Corporate Social Responsibility (CSR) initiatives, including supporting educational institutions and providing mid-day meals for students. Goldi Solar claims to have increased its module manufacturing capacity from 3 GW to 14.7 GW in the last 12 months. The company is also focused on backward integration with plans to establish a large-scale cell manufacturing facility by 2026. It aims to achieve a 1 GW Solar Park (IPP) by FY 2025-26. According to the company, it will focus on introducing high-efficiency modules and advanced cell technologies, targeting both domestic and export markets. For the fiscal year ending in March 2024, Goldi Solar reported Rs 1756.36 crore in revenue with a profit of Rs 59.38 Cr. The company has yet to file its annual report for FY25. “Renewable energy in India is a massive sector, and there is an equally massive opportunity to build global-scale companies right here on our home ground. It is imperative that we back these companies to accelerate the country’s clean energy transition,” said Nikhil Kamath, co-founder of Zerodha.

M&M auto sales in December rise 6% YoY to 60,188 units; tractor sales drop 18%

Livemint

Livemint · 1y ago

M&M auto sales in December rise 6% YoY to 60,188 units; tractor sales drop 18%

Indian automobile major Mahindra & Mahindra (M&M) reported a 6% YoY increase in total auto sales for December 2023, with 60,188 vehicles sold. However, the company witnessed a decline of 41% in total exports. Domestic passenger vehicle sales saw a notable growth of 24%, while tractor sales dropped by 18%. M&M faced supply challenges on specific parts, but is working with suppliers to address them.

How Adani makes the best use of US solar tariffs

Livemint

Livemint · 2m ago

How Adani makes the best use of US solar tariffs

Adani Group strategically navigates US solar tariffs by exporting solar panels to the American market and importing them from China for use in India's largest solar park. This approach allows Adani to leverage the US tariff exemptions for Indian solar panels while utilizing Chinese panels in domestic projects, optimizing cost and supply chain dynamics. However, this tariff-driven arbitrage is expected to be temporary due to changing policies on the use of Chinese modules in India.

Sugar production to increase by 15 pc to 35 million tonnes in SS 26 on favourable monsoon: Report

Economic Times

Economic Times · 4m ago

Sugar production to increase by 15 pc to 35 million tonnes in SS 26 on favourable monsoon: Report

Sugar production is anticipated to rise by 15% to 35 million tonnes in the 2025-26 season due to a favorable monsoon, according to a Crisil Ratings report. This growth is expected to boost ethanol diversion and potentially revive exports, easing domestic supply constraints. Despite increased cane costs, the sugar mills' operating margins are projected to improve slightly. Export levels might remain stable, contingent upon domestic supply and global market conditions.

Duty waiver on cotton imports extended till December

Economic Times

Economic Times · 2m ago

Duty waiver on cotton imports extended till December

The Indian government has extended the import duty exemption on cotton until December 31, 2023, to support the textile industry amid falling domestic production and reduced exports. This move aims to ease input costs during the festive season, especially as the US imposes a 50% tariff on Indian goods, affecting textile exports. While the measure benefits exporters, it may harm domestic cotton farmers by suppressing local prices.

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