GREW Solar has raised Rs. 1,050 crore in a fresh funding round led by Bay Capital Investment Limited, with participation from two other institutional investors, the company said on Thursday.
The round comes after the company’s earlier Rs. 300 crore fundraise(s) backed by marquee investors, including Vijay Kedia and Rohit Kothari of GeeCee Holdings, according to the company statement.
Where the money goes?
GREW Solar said the new capital will be used to strengthen ongoing operations, support strategic expansion initiatives, and accelerate its push to become a fully integrated solar manufacturer.
A key priority is the solar cell factory roadmap: the company said a significant portion of the investment will go toward expanding its solar cell manufacturing facility, taking total cell manufacturing capacity from a planned 3 GW to 8 GW.
What the company is saying?
Vinay Thadani, CEO & Director at GREW Solar, called the investment an endorsement of the company’s manufacturing plans and said the funding will help it accelerate expansion, improve operational efficiency, and strengthen technology and scale.
He also linked the expansion to India’s broader manufacturing ambitions, saying GREW Solar is focused on technology-driven facilities and future-ready skills for the workforce, aligned with “Make in India” goals.
The company said it is stepping up manufacturing through expansions at its Dudu (Rajasthan) and Madhya Pradesh facilities, positioning itself for integrated, end-to-end solar production.
Snapshot: GREW Solar’s capacity and product timeline
Backed by the Chiripal Group’s 52-year legacy, GREW Solar said it has scaled quickly since starting in 2022.
- 2022 (first year): launched M10 modules up to 550 Wp and commissioned 1.2 GW PV module manufacturing at Dudu, Rajasthan
- By 2025: scaled operational capacity to 3.0 GW, delivering high-efficiency M10 TOPCon modules up to 590 Wp
- Current expansion: Dudu plant being expanded to 11.0 GW, which the company described as one of India’s largest AI-powered, integrated solar PV module manufacturing plants, with an in-house R&D laboratory
- Cell manufacturing roadmap: plans to set up an initial 3.0 GW solar PV cell plant at Narmadapuram, Madhya Pradesh, and expand it to 8.0 GW by end of 2026 to enable backward integration
GREW Solar said the combination of fresh institutional capital, capacity build-up, and focus on sustainable manufacturing will help it play a larger role in India’s renewable energy landscape and evolve as a global partner.
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