Surat-based solar panel manufacturer Rayzon Solar has raised Rs 150 crore (approximately $18 million) in a fresh funding round led by a group of individual investors, including cricket legend Sachin Tendulkar, Harshadkumar Patel, and Divyang Patel. The round values the company at Rs 7,170 crore (~$844 million), marking its first known external capital infusion ahead of a potential IPO.
According to regulatory filings with the Registrar of Companies (RoC), Rayzon Solar’s board approved the issuance of 64.1 lakh equity shares at Rs 234 each to raise the funds. Harshadkumar Patel emerged as the lead investor with a Rs 26.8 crore commitment, while Tendulkar and Divyang Patel contributed Rs 5 crore each. Nearly 90 other individual investors also participated, contributing smaller amounts.
The funds will support Rayzon’s business expansion, meet both long-term and short-term capital needs, and bolster general corporate initiatives. The company has also launched an ESOP Plan 2025, offering 1 crore employee stock options, valued at approximately Rs 234 crore ($27.5 million), aimed at attracting and retaining key talent.
Founded in 2017, Rayzon Solar manufactures high-efficiency solar PV modules and operates on both B2B and B2C models. It supplies to distributors, EPC companies, and end-users across residential, commercial, and utility-scale projects in India and abroad. For the fiscal year ending March 2024, the firm reported an operating revenue of Rs 1,273 crore and a net profit of Rs 61 crore, according to its standalone financials.
This funding round is widely seen as a pre-IPO raise, with the company expected to file its Draft Red Herring Prospectus (DRHP) in the near future. Rayzon’s growth trajectory has been bolstered by favorable government policies, including import duties, domestic sourcing mandates, and the upcoming “Make in India” push for solar cells from June 2026.
However, industry analysts caution against over-optimism. Rising competition from giants like Reliance and Adani, coupled with looming overcapacity and persistent reliance on Chinese imports for key components, could pressure margins. Despite the positive momentum, investors are advised to tread carefully as the solar sector edges toward consolidation.
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