Rayzon Solar Raises $18Mn In Pre-IPO Round From Sachin Tendulkar, Others

Rayzon Solar, a solar panel manufacturer is raising 150 crore (approximately $18 million) in a new funding round from individual investors including Harshadkumar Patel, cricket legend Sachin Tendulkar and Divyang Patel, among others.

Rayzon Solar's board has approved a plan to raise Rs 150 crore (about $18 million) by issuing 64,10,260 equity shares at Rs 234 each, according to filings with the Registrar of Companies.

Harshadkumar Patel will lead the investment with Rs 26.8 crore, while Sachin Tendulkar and Divyang Patel will invest Rs 5 crore each. Around 90 other individual investors will also contribute smaller amounts.

Read also- Risa Labs Secures $3.5 Mn Funding From Binny Bansal, Others

The maiden funds will be used to grow the business, cover future funding needs and for general corporate purposes.

The company has also introduced a new ESOP Plan 2025, offering 1 crore employee stock options which will be converted into equity shares. This plan is estimated to be worth about Rs 234 crore ($27.5 million).

About Rayzon Solar

Founded in 2017 by Chirag Nakrani and Hardik Kothiya, the Surat-based Rayzon Solar works in both B2B and B2C models, making high-efficiency solar panels for distributors, EPC companies, and direct customers.

It serves residential, commercial and large-scale solar projects in India and abroad.

Startup Funding News: Your Gateway to Every Funding Update.

Latest Startup News: Stay updated with the latest startup news and trends. Your go-to source for startup ecosystem updates.

Startup Stories: Discover inspiring tales of startups overcoming challenges, and achieving success.