Surat-based solar panel manufacturer Rayzon Solar is raising ₹150 crore (approximately $18 million) in its first external funding round, exclusively reported by Entrackr.
The fresh capital will come from a group of individual investors, including Harshadkumar Patel, cricket icon Sachin Tendulkar, and Divyang Patel.
According to regulatory filings accessed from the Registrar of Companies (RoC), the company’s board has approved a special resolution to issue 64,10,260 equity shares at ₹234 apiece.
Harshadkumar Patel will invest the largest amount at ₹26.8 crore, while Tendulkar and Divyang Patel will contribute ₹5 crore each. Over 90 other individuals are also participating with smaller investments.
Rayzon Solar plans to use the funds to fuel business expansion, address both long- and short-term capital needs, and for general corporate purposes.
Alongside the raise, the company has introduced an ESOP 2025 plan, allocating one crore stock options for its employees.
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Post-allotment, Rayzon is expected to reach a valuation of around ₹7,170 crore ($844 million).
This marks the company’s first external fundraising effort ahead of its planned public listing, with a DRHP filing anticipated soon.
Founded in 2017 by Chirag Nakrani and Hardik Kothiya, Rayzon Solar manufactures high-efficiency solar PV modules, serving residential, commercial, and utility-scale projects in India and abroad. The company operates through both B2B and B2C channels.
In FY24, Rayzon reported ₹1,273 crore in operating revenue and a net profit of ₹61 crore.
With the IPO in sight, Rayzon is positioning itself among the new wave of solar tech firms heading to public markets, following the recent SME listing of Solarium.
