Parishi Capital, an investment firm led by Aryan Shah, has reaffirmed its strong belief in India’s renewable energy future by supporting Navitas Solar through two key funding rounds. With a total investment of $4.7 million—$2.5 million in the first round and $2.2 million in the second—Parishi Capital has played a vital role in helping Navitas Solar grow from a promising start-up into a major player in the country’s green technology sector. Thanks to this backing, Navitas Solar has expanded its manufacturing capacity to 2.5 GW, placing it firmly among the top solar module producers in India.
Parishi Capital has announced plans to invest an additional $10 to $15 million over the next one to two years in India’s renewable energy sector, including in solar power projects and companies focused on solar recycling. The firm’s growing green investment portfolio already includes names like Solnce, Apollo Green, Vikram Solar, BatX Energy, and Zero Circle, demonstrating a broad and forward-looking commitment to sustainability.
This aligns well with India’s wider national mission to transition to clean energy and reduce its dependence on fossil fuels. Over the past decade, India has made major strides in solar power, with installed capacity growing from just 2.82 GW in March 2014 to 107.9 GW by June 2025. Solar tariffs have dropped sharply—by nearly 65%—from ₹6.17/kWh in FY 2014–15 to ₹2.15/kWh in FY 2024–25, making solar one of the most cost-effective energy sources globally.
Aryan Shah, Founder & CEO of Parishi Capital, said in a statement, “Parishi Capital saw the spark in Navitas Solar when few others did. Backing visionary founders is what we do and Navitas’ journey reflects everything we stand for: sustainability, scalability, and sectorial leadership. Our partnership is a testament to what happens when capital meets conviction in the clean tech revolution.”
Vineet Mittal, Co-Founder & Director of Navitas Solar, mentioned, “We are deeply grateful to Parishi Capital, under the leadership of Mr. Aryan Shah, for placing their trust in Navitas at a pivotal stage of our journey. Their early investment empowered us to scale rapidly, and their continued support in subsequent rounds reflects the confidence they have in our vision, execution, and long-term growth potential.”
He continued, “This collaboration is not just financial—it’s foundational. Their belief helped us fast-track our mission of delivering globally competitive solar solutions rooted in Indian innovation, especially at a time when India is laying the groundwork for a net-zero, sustainable economy.”
In FY 2024–25 alone, India added a record 29.52 GW of renewable energy, pushing the total installed capacity to 223.6 GW. This momentum is crucial to achieving the national target of 500 GW of non-fossil fuel energy by 2030. Looking forward, Parishi Capital continues to explore new investment opportunities in solar energy, green hydrogen, and technology-driven climate solutions. The firm’s approach is aligned with India’s ambition to become a global leader in renewable energy while supporting rural development and long-term environmental resilience.
