Chanakya Opportunities Fund Nets 2x Return After Exit from Cosmic PV Power The valuation of the remaining stake has increased to nearly 3x following the company's latest equity round that valued Cosmic PV Power at about INR 1,100 crore.
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Chanakya Opportunities Fund (under Steptrade Capital) has reported significant gains after making a partial exit from its investment in Cosmic PV Power Private Limited.
The fund, which focuses on companies listed or approaching listing on the SME Exchange, secured a 2x return within 10 months of its initial investment. The valuation of the remaining stake has increased to nearly 3x following the company's latest equity round that valued Cosmic PV Power at about INR 1,100 crore.
Cosmic PV Power was founded in 2020 by Jenish Kumar Ghael and Shravan Kumar Gupta. The company manufactures high efficiency solar modules using mono and polycrystalline technologies, including Mono PERC and TOPCon. It currently operates a 600 MW facility and is undergoing a phased expansion to reach 3 GW. Its product range includes modules with output of up to nearly 580 Wp, which are seeing rising interest from domestic and export markets.
The exit aligns with an expansion phase in India's renewable sector. The country added close to 20 GW of solar capacity in FY25, the highest annual installation so far. Domestic module production is projected to exceed 150 GW by 2027 according to estimates from the Ministry of New and Renewable Energy.
India aims to achieve 500 GW of renewable capacity by 2030. Policies such as the Production Linked Incentive programme are supporting local manufacturing, benefiting companies like Cosmic PV Power.
Chanakya Opportunities Fund claims to have allocated nearly 18 percent of its total corpus to renewable energy and continues to explore opportunities in export oriented, manufacturing focused and sustainability driven businesses.
