PE-VC Fund Investments
Solar modules maker GREW Solar raises Rs.1,050-Cr led by Bay Capital Investments
Ahmedabad-based solar PV module manufacturer GREW Solar has raised INR 1,050 crore in a funding round led by Bay Capital Investment Limited and two other institutional investors. The company had previously raised INR 300 crore from Vijay Kedia and Rohit Kothari of GeeCee Holdings.Founded in 2022 as part of the Chiripal Group, GREW Solar specialises in the manufacture of high-efficiency TOPCon solar PV modules, solar cells, and components.The new funds will be used to scale the company's solar cell manufacturing capacity from 3 GW to 8 GW at its Narmadapuram facility in Madhya Pradesh. This investment is also intended to support operational strengthening and strategic expansion. The company is also expanding production at its Dudu, Rajasthan, facility to 11 GW capacity.
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