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GREW Solar has raised INR 1,050 crore in a funding round led by Bay Capital Investment Limited, as the solar manufacturer looks to expand production capacity and strengthen its operations in India. The company said the funds will support business operations and capacity additions, including a major expansion of its solar cell manufacturing line.
As part of its growth roadmap, GREW Solar plans to increase its proposed solar cell production capacity from 3 gigawatts (GW) to 8 GW to meet rising demand for domestic renewable energy equipment. The latest investment follows an earlier INR 300 crore fundraise backed by investors including Vijay Kedia and Rohit Kothari, reflecting continued interest in India’s solar manufacturing sector.
“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 of GREW Solar.
Founded in 2022 by the Ahmedabad-based Chiripal Group, the company manufactures high-efficiency M10 TOPCon solar PV modules and operates a 3 GW facility in Dudu, Rajasthan. Expansion work is underway at facilities in Rajasthan and Madhya Pradesh to support integrated production across the solar value chain.
“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,” Thadani added. The expansion is expected to enhance supply reliability and support India’s clean energy transition while creating local jobs.
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