GREW Solar Raises ₹1,050 Crore Led by Bay Capital to Expand Solar Cell Capacity to 8 GW

GREW Solar, one of India’s youngest and fastest-growing integrated solar PV module manufacturers, has raised ₹1,050 crore in a fresh funding round led by Bay Capital Investment Limited, with participation from two other institutional investors. The latest capital infusion follows the company’s earlier ₹300 crore fundraising from marquee investors including Vijay Kedia and Rohit Kothari of GeeCee Holdings.

The company said the newly raised funds will be deployed to strengthen ongoing operations, support strategic expansion plans, and accelerate its roadmap toward becoming a fully integrated solar manufacturing player. A significant portion of the capital will be allocated toward expanding its solar cell manufacturing facility, increasing total cell capacity from the planned 3 GW to 8 GW.

Speaking on the development, Vinay Thadani, CEO & Director, GREW Solar said, “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.

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.”

The company is currently undertaking major capacity expansions at its Dudu and Madhya Pradesh facilities to enable integrated, end-to-end solar production. With strong investor backing and an expanding manufacturing base, GREW Solar aims to strengthen its position as a key contributor to India’s renewable energy growth and an emerging global solar manufacturing partner.