Rayzon Solar Secures INR 150 Crore in First Funding Round from 90 Individuals including Sachin Tendulkar
Surat-based solar panel manufacturer Rayzon Solar has raised INR 150 crore in its debut funding round from about 90 individual investors including Harshadkumar Patel (INR 26.8 crore), cricket legend Sachin Tendulkar (INR 5 crore), and Divyang Patel (INR 5 crore).
April 19, 2025. By Mrinmoy Dey
As per filings with the Registrar of Companies (RoC), the company issued 64.1 lakh equity shares at a price of INR 234 per share. Leading the investment was Harshadkumar Patel, who infused INR 26.8 crore, followed by Sachin Tendulkar and Divyang Patel, each investing INR 5 crore. The funding round also saw participation from nearly 90 other individual investors, collectively contributing to the INR 150 crore raise. This underscores the growing appeal of India’s green energy sector among high-net-worth individuals and prominent public figures.
Rayzon plans to channel the raised capital into key areas of its strategic roadmap. This includes expanding its manufacturing capacity to meet the growing demand in both domestic and international markets, and strengthening distribution networks across Tier II and Tier III cities in India. The company will also invest in research and development (R&D) to advance solar technologies and drive innovation. Additionally, the funds will be used for working capital management to support its short- and long-term business operations, as well as for general corporate purposes such as brand building and talent acquisition.
Additionally, the company has launched ESOP Plan 2025, offering 1 crore stock options valued at approximately INR 234 crore. The move aligns with Rayzon's vision to foster long-term wealth creation and employee ownership as it scales operations.
Post-funding, Rayzon’s valuation stands at INR 7,170 crore, placing it among the most valuable companies in India’s solar manufacturing ecosystem. The current round is widely believed to be a pre-IPO raise, with the company expected to file its Draft Red Herring Prospectus (DRHP) in the coming months.
Founded in 2017 by Chirag Nakrani and Hardik Kothiya, Rayzon Solar started with a clear mission: to make affordable and high-quality solar energy accessible across India. In just under a decade, the company has expanded its footprint across both B2B and B2C markets, offering solutions for residential rooftop installations, commercial and industrial (C&I) projects and large-scale utility installations.
For FY2023-24, the company reported strong financials with a standalone revenue of INR 1,273 crore and a net profit of INR 61 crore, reflecting a healthy growth curve and operational excellence.
Rayzon’s successful fundraise comes at a time when India’s solar sector is riding a wave of policy support, including import duties on solar modules and components, PLI (Production Linked Incentive) schemes for domestic manufacturers and mandatory use of domestically produced panels for certain government projects.
However, the industry is not without its headwinds. Concerns around overcapacity, supply chain volatility, and intense competition from conglomerates like Reliance Industries and Adani Group are growing. Still, Rayzon believes its focus on innovation, customer satisfaction, and execution will keep it ahead of the curve.
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