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Rayzon Solar Secures INR 150 Crore in Funding to Expand Its Global Presence

Rayzon Solar, a Surat-based solar panel manufacturer, has successfully raised INR 150 crore in its debut funding round, marking a major milestone in its journey to becoming a global player in the solar energy industry. The investment round was led by Harshadkumar Patel, who contributed INR 26.8 crore, followed by cricket legend Sachin Tendulkar and Divyang Patel, each investing INR 5 crore. Nearly 90 other individual investors also participated in the funding round, highlighting the growing appeal of India's green energy sector.

Rayzon plans to use the raised capital for several strategic initiatives, including expanding its manufacturing capacity to meet growing demand in domestic and international markets. The funds will also support the development of distribution networks in Tier II and Tier III cities, further advancing research and development (R&D) for solar technologies, and strengthening working capital management.

As part of its growth strategy, the company has launched ESOP Plan 2025, offering 1 crore stock options, valued at approximately INR 234 crore. This initiative aligns with Rayzon’s vision of fostering employee ownership and long-term wealth creation as it scales operations.

With this funding, Rayzon's valuation has soared to INR 7,170 crore, positioning it among the top solar manufacturing companies in India. The company is also expected to file its Draft Red Herring Prospectus (DRHP) for a potential Initial Public Offering (IPO) in the near future.

Founded in 2017 by Chirag Nakrani and Hardik Kothiya, Rayzon Solar has made significant strides in both B2B and B2C markets, offering solutions for residential rooftop installations, commercial and industrial (C&I) projects, and large-scale utility installations. Despite industry challenges, such as overcapacity and supply chain volatility, Rayzon remains focused on innovation and customer satisfaction to stay ahead of competitors.