GREW Solar raises Rs 1050 Cr to fund manufacturing expansion
The company said the capital will be used to support operations and fund expansion, including scaling a planned solar cell facility from 3 GW to 8 GW. The raise follows an earlier Rs 300 crore funding round backed by investors including Vijay Kedia and Rohit Kothari.
Solar manufacturer GREW Solar has raised Rs 1,050 crore in a funding round led by Bay Capital Investment Limited, as the company moves to expand its production capacity and strengthen its operational base in India.
According to the company, the capital will be deployed toward business operations and planned capacity additions, including a significant scale-up of its solar cell manufacturing line. GREW Solar aims to increase its proposed cell production capacity from 3 gigawatts (GW) to 8 GW as part of its broader manufacturing roadmap.
The latest round follows an earlier Rs 300 crore fundraise backed by investors including Vijay Kedia and Rohit Kothari.
“This investment strongly endorses GREW Solar’s manufacturing capabilities, growth vision, and commitment to building a globally competitive solar manufacturing ecosystem from India. With this capital, we are well positioned to accelerate our expansion, improve operational efficiency, and further strengthen our technology and scale," said Vinay Thadani, CEO and Director, GREW Solar.
"As India advances toward its Make in India goals, GREW Solar remains committed to deploying technology-driven facilities and empowering the Indian workforce with future-ready skills. This initiative will help position India as a reliable global source of technical expertise and high-quality solar modules, while contributing meaningfully to the nation’s renewable energy targets," he added.
The company said expansion work is underway at its facilities in Rajasthan and Madhya Pradesh to support integrated production across the solar value chain.
Founded in 2022, GREW Solar manufactures photovoltaic modules and is investing in upstream cell manufacturing as it seeks to deepen domestic production capabilities.