Steptrade Capital’s Category II AIF, Chanakya Opportunities Fund I, has spearheaded a ₹25 crore pre-IPO round in Tesla Power Equipments and Projects (TPEPL), a transformer manufacturer catering to renewable energy projects. The investment underscores the rising investor confidence in India’s clean energy sector.

Chanakya contributed around 22 percent of the total funding. Managed by CA Kresha Gupta and CFA Ankush Jain, the fund focuses on high-growth sectors including renewable energy, power, infrastructure, waste management and defence. Since its inception, it has deployed over ₹55 crore across private companies, with a strong emphasis on India’s energy transition.

Founded in 2004 by Jaideep Jain, TPEPL produces power transformers, distribution transformers, and inverter duty transformers (IDTs) used in solar and wind energy projects. Operating plants in Bhopal and Mandideep with a combined capacity of 8,000 MVA, the company serves clients such as Adani Green, Tata, and NTPC, alongside government contracts. Its IDTs, up to 20 MVA 33 kV class, play a key role in integrating renewable power into grids.

Chanakya’s latest investment is its sixth in the power and energy sector. Chanakya’s Fund Manager Kresha Gupta said the partnership with TPEPL is expected to create value for investors while contributing to India’s long-term renewable energy growth.