Wave Solar Inverters Seeks A Place In The Sun

India’s solar push, and now boom, has been through multiple cycles already, but perhaps none more important than the one post 2020. That is the period when both the government, and other stakeholders finally realised that business as usual was not going to help achieve the lofty 500 GW renewables target, with solar accounting for a full 320 GW in it. Even as the government signaled it was serious with policy tweaks, startups were born to ride the boom. Earthwave Technology was one such quite solar startup back in 2020, before transitioning to an independent seller of their own brand of inverters, Wave Solar Inverters.

Set up initially by Hardik Kachhadiya and his friend Keyur Gajera in Surat, Gujarat, Earthwave solar had no shortage of inspiration around it, what with Gujarat turning into a hub for India’s solar ambitions. The two electrical engineering batchmates decided that solar was where their entrepreneurial dreams would be best served, and started with a focus on EPC work, before moving on to become distributors for a leading solar module firm from the state. The latest move into solar inverters with their own brand name of Wave Solar is a natural progression for the firm as it seeks to build on its momentum.

With just about Rs 1 lakh in startup capital, the firm crossed Rs 100 crores in revenues in Fy24, and hopes  to hit the  Rs 150 crores mark in Fy25, opening up multiple new opportunities for the founders as well, besides underlining just how transformational India’s solar sector has been for many startups. This year, they made their first tentative moves into the solar inverters segment, which remains heavily reliant on Chinese imports, unlike say, modules. Their Wave Solar range of inverters found a ready market in Gujarat and other states, based on the market understanding the founders had and experience with EPC and modules earlier.

“The PM Suryaghar Scheme has been a key catalyst for our move into inverters as well, as there is enough demand to service,”, says Kachhadiya. Currently assembling and selling 3000 inverters a month , ranging in capacity from 1kW to 25kW, “The next target  is the C&I segment in a bigger way as we move onto capacities till 125kW”, adds Kachhadiya.

With no external investment raised till now, the founders are confident that their record and balance sheet size will allow them to chase a massive growth opportunity that is lead by, but will be sustained by growth in the broader C&I segment as well.

Even as an 18 member team is expanded to service the ever widening base of customers, Wave Solar inverters come with the founders commitment to the market for the long term, as they see no better avenue to focus their energies than supporting the spread of green energy across India.