Rays Power Announces Closure Of Rs 127cr Fund Raise

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Rays Power Infra, a solar EPC and turnkey solution provider company today announced the successful closure of a fundraise of Rs 127 crores as equity capital. The company is also gearing up to file its IPO Draft Red Herring Prospectus (DRHP) in the last quarter of the year, setting the stage for further fundraising to support its ambitious growth plans.

This latest round brings the total funding raised by the company to nearly Rs 200 crores over the past few months. The recent funding round saw participation from a diverse array of investors, including high-net-worth individuals (HNIs), family offices, funds, and partners in Alternative Investment Funds (AIFs). Despite this significant infusion of capital, the company managed to maintain a dilution of less than 5% in this round, demonstrating strong investor confidence and efficient capital management.

Ketan Mehta, Managing Director and CEO of Rays Power Infra said, “This funding round will significantly enhance our ability to develop more solar and wind parks with a capacity of around 3 gigawatts. Additionally, it enables us to invest in both backward and forward integration of our business, paving the way for numerous exciting projects in the near future.”

Sanjay Gupta, Executive Director of Rays Power Infra, added, “This fund raise marks a pivotal moment in our growth trajectory. The overwhelming response from our investors underscores their belief in our vision and strategy. We are poised to capitalize on this momentum to drive our expansion and innovation efforts.”

With this new equity capital, the company  is well-positioned to strengthen its leadership in the renewable energy sector, driving innovation and sustainability. Furthermore, the solar firm plans to keep raising more capital every year, aiming to grow at a compounded rate of over 50% in the coming years.

Established in 2011, the firm, have been one of the early movers in the solar park regime and have now grown into a player in turnkey solar engineering, procurement and construction (“EPC”) services, catering to the increasing demand for renewable energy in the country.