Greenzo Energy Raises ₹130 Crore Led by Ashish Kacholia to Scale Indian-Made Electrolysers
Gujarat electrolyser maker Greenzo Energy has lined up ₹130 crore in a round led by Ashish Kacholia at a roughly ₹1,030 crore valuation to expand its Sanand factory and make more electrolyser components in India.
India's green-hydrogen plans depend on a machine most people have never seen: the electrolyser, which splits water into hydrogen and oxygen using electricity. Greenzo Energy, one of the few Indian companies already making them, has lined up ₹130 crore (about $13.7 million) in fresh capital in a round led by investor Ashish Kacholia, at a post-money valuation of roughly ₹1,030 crore (about $108 million), according to reports published around 20 October 2026.
The round
Kacholia was joined by Alchemy Longterm Venture Fund Series 3, Lashit Sanghvi, Siddharth Sunder Iyer and Nova Global Opportunity Fund PCC – Touchtone. The raise brings Greenzo's cumulative capital to about ₹251 crore across three rounds.
There is one caveat on timing. Most outlets describe the round as closed, but Dealroom reports that the ₹130 crore appears to be a proposed preferential issue of convertible preference shares, due for consideration by shareholders at an extraordinary general meeting. In other words, the money is committed but may not yet have been formally issued.
Greenzo says it will use the funds to expand electrolyser manufacturing, strengthen backward integration into components, invest in research and development, and fund working capital.
What Greenzo makes
The company's anchor asset is a 250 MW-per-year electrolyser manufacturing facility at Sanand GIDC in Gujarat, which produces alkaline water electrolysers. Alkaline electrolysis is the oldest and most widely deployed electrolyser technology. It uses a liquid alkaline electrolyte, usually potassium hydroxide, and relatively inexpensive nickel-based electrodes, avoiding the platinum-group metals needed for proton-exchange-membrane (PEM) systems. That makes it attractive for large, steady industrial installations, which is where most of India's early green-hydrogen demand sits: refineries, fertiliser plants and steel.
"Backward integration" is the key phrase in the company's plans. An electrolyser stack is made of many components: electrodes, diaphragms or separators, bipolar plates, gaskets and power electronics. Many Indian assemblers still import a large share of these, often from China. Making more of them domestically is how a manufacturer captures more value and how India reduces its dependence on imports for the hardware at the heart of the hydrogen economy.
Why this matters
India's National Green Hydrogen Mission targets 5 million tonnes of green-hydrogen production a year by 2030. Meeting that would require tens of gigawatts of electrolyser capacity, almost all of which has yet to be built. The government's SIGHT programme offers production-linked incentives to domestic electrolyser manufacturers precisely because, without local supply, the mission would simply shift India's energy-import dependence from oil and gas to Chinese equipment.
Against that scale, a 250 MW-a-year factory is modest. But it is real capacity already producing, and private capital for electrolyser makers has been scarce compared with the money flowing into solar and battery manufacturing. A ₹1,000-crore-plus valuation for a hydrogen hardware company signals that at least some Indian investors now see electrolysers as a manufacturing business rather than a speculative bet. Greenzo is not alone: earlier this year, Bengaluru's Newtrace raised $6.3 million for membrane-free electrolysers, and public-sector BHEL partnered with thyssenkrupp nucera to build electrolysers in India.
What to watch
The near-term milestones are the formal completion of the share issue, any announcement of capacity expansion beyond 250 MW a year, and orders from refinery, fertiliser or steel projects under the green-hydrogen tenders now being run by public-sector companies. The longer-term test is cost: India's hydrogen ambitions only work if domestically made electrolysers can compete on price and reliability with imported ones.
Sources
- https://www.saurenergy.com/solar-energy-news/greenzo-energy-raises-rs-130-cr-in-ashish-kacholia-led-round-valued-at-rs-1030-cr-12688868
- https://app.dealroom.co/news/note/greenzo-energy-raises-13-7m-for-electrolyser-push-hits-108m-valuation
- https://powerpeakdigest.com/greenzo-energy-raises-130-crore-funding/
- https://www.mvapulse.com/greenzo-energy-secures-%E2%82%B9251-crore-for-green-hydrogen-expansion/
- https://chemindigest.com/greenzo-energy-to-expand-green-hydrogen-manufacturing/
- https://fuelcellsworks.com/2026/03/10/electrolyzer/indian-startup-raises-6-3m-to-commercialise-electrolyser-electrode-technology-for-cheaper-green-hydrogen