This paper reports the experimental work on the characterization of quantum dot-in-well (DWELL) solar cell grown by metal-organic chemical vapor deposition (MOCVD) without employing any post-growing optimization like antireflection coating and metal grid. The structure of the 10-layer DWELL solar cells is studied by cross-sectional transmission electron microscopy (TEM). Room temperature photoluminescence (PL) spectra show strong quantization at 1178.5 nm with a linewidth of 79.9 nm. External quantum efficiency spectra show enhancement in the spectral response of the photocurrent with respect to the reference quantum dot cell (without DWELL structure). In spite of the reduction in conversion efficiency due to poor collection of current in external circuit compared to reference quantum dot cell it show the improvement in open circuit voltage.