Hyderabad – In a significant move for India’s green energy landscape, Mumbai-based Syndicate Finance has reportedly spearheaded a ₹75 crore Round 2 funding for NEKKAR Power Pvt Ltd, an emerging startup headquartered in Hyderabad and a plant set up in Andhra Pradesh.

The investment marks a pivotal moment for NEKKAR Power as it accelerates its flagship project focused on hydrogen fuel cell technology, a sector increasingly seen as the “holy grail” of zero-emission power.

While the startup has been proactive in sharing its growth trajectory, its financial backer remains tight-lipped. When reached for comment on the valuation and the long-term outlook for the hydrogen project, representatives at Syndicate Finance, Mumbai, declined to respond, maintaining a stance of strategic silence common among veteran firms managing high-stakes energy portfolios, preferring to let the investment speak for itself.

Industry insiders suggest that Syndicate Finance’s involvement is a major validation of NEKKAR Power’s technical roadmap. Known for backing infrastructure and expansion-ready ventures, the Mumbai firm’s structured debt injection is expected to transition the project from the pilot phase to a larger industrial scale.

Building a ₹125 Crore War Chest

This latest round brings NEKKAR Power’s total capital raised to ₹125 crore within a remarkably short window. The company previously secured ₹50 crore in January 2025, setting the stage for this larger secondary round.

The cumulative funding is earmarked for:

• R&D and Prototyping: Enhancing the efficiency of proprietary hydrogen fuel cell stacks.
• Infrastructure: Developing a specialized manufacturing unit in Andhra Pradesh.
• Talent Acquisition: Scaling the engineering team to meet the complex demands of hydrogen storage and power conversion.
• Land acquisitions

Andhra Pradesh: A Growing Green Hub

NEKKAR Power’s rise highlights Andhra Pradesh’s emergence as a preferred destination for renewable energy startups, supported by favourable state policies and proximity to industrial ports. By focusing on hydrogen fuel cells, the company is positioning itself to cater to the heavy-duty transport and stationary power markets—sectors that are notoriously difficult to decarbonize with traditional batteries.

Despite the “no comment” from Syndicate Finance, the sheer scale of the investment speaks volumes. As India pushes toward its National Green Hydrogen Mission goals, the partnership between this Mumbai financial powerhouse and the Andhra-based innovator could be a bellwether for the industry’s future.

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