Waaree Energies, a Mumbai-based company which provides solar panel solutions, has secured around Rs. 100 crore ($15.6 million) in its new funding round.
The investment in the company was made by Centrum Financials along with a few other investors. While the company revealed that Centrum Financials invested Rs. 25 crore, investment of other investors remains unknown.
In a statement, Hitesh Doshi, founder and managing director of Waaree Energies, said:
We have grown at a CAGR of 35% over the past five years. We would like to continue this robust growth and plan to utilise the funds for our expansion and to explore opportunities across newer segments and markets.
Started in 1990, Waaree Energies was promoted by brothers Hitesh and Viren Doshi, as a manufacturer and supplier solar photovoltaic modules. The company provides engineering, procurement and construction solutions for setting up solar power plants including on-grid, off-grid and rooftop applications.
The company has a manufacturing plant at Surat, Gujarat, which has an annual capacity of 500 MW, besides owning 100 MW of solar power assets across Madhya Pradesh and Andhra Pradesh. It recently forayed into the retail solar product market with franchisees stores across India.