Rajasekar Elavarasan, Founder & CEO, RSPL.Deeptech startup Raana Semiconductors Pvt. Ltd. (RSPL) has raised $3 million in a pure equity seed round led by Equirus Innovatex Fund and Artha Venture Fund.
The round also witnessed participation from IvyCap Ventures, PointOne Capital, CIIE Initiatives (IIMA Ventures), and angel investor Garimella Laxminarayana.
“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,” said Rajasekar Elavarasan, Founder & CEO, RSPL.
Prequate Advisory acted as the sole strategic advisor to the company for the transaction.
The startup will allocate the fresh capital to fuel research and product development of indigenously designed Czochralski (CZ) silicon ingot growth systems, with an initial focus on producing 10-12 inch solar-grade silicon ingots.
The company in a statement on Tuesday said it is targeting a roadmap that eventually extends to semiconductor-grade wafers, reducing India’s reliance on imported silicon ingots and wafers.
RSPL is currently the only private Indian company exclusively focused on Czochralski-based crystal growth equipment and single-crystal development. It delivers fully integrated, turnkey CZ systems with on-site commissioning and after-sales process support—capabilities typically dependent on overseas suppliers.
“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,” said Sunder Nookala, General Partner, Equirus Innovatex Fund.
With over a decade of experience in the semiconductor sector, RSPL has collaborated with institutions such as BARC and IGCAR and has recorded a revenue CAGR of around 30 per cent in recent years.
For FY26, it has secured confirmed orders worth ₹12 crore from the Ministry of Electronics and IT, the Department of Atomic Energy and other national laboratories.
Over the longer term, the firm plans to support semiconductor-grade wafer manufacturing for strategic applications and is targeting revenues of over ₹200 crore within three to four years.
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