Meet Hitesh Doshi, From Rs 5,000 Loan To Building Multi-Billionaire Dollar Company

Hitesh Chimanlal Doshi, who ventured into India’s energy sector with just 5,000-rupee loan from a relative in 1985, now leads Waaree Group, a giant in India’s renewable energy industry. Doshi and his family recently became among the world's wealthiest people after Waaree Energies Ltd., the group's solar cell manufacturing branch, was listed on the Mumbai Stock Exchange. Waaree Energies shares surged 56% after its $514 million IPO, nearly doubling the Doshi family's wealth to an estimated $5.2 billion, according to the Bloomberg Billionaires Index.

Waaree Energies, now the largest solar module manufacturer in India with a production capacity of 12,000 megawatts, generates the majority of its revenue from exports, especially to the United States. American demand has increased in recent years, partly due to tariffs on Chinese solar cells. Waaree's IPO highlights the growing investor interest in India’s renewable energy sector, where numerous companies have seen stock price rallies in 2024 amid a global shift toward sustainability.The group intends to invest Rs 2,800 crore from the IPO proceeds to build a 6-gigawatt manufacturing plant in Odisha, boosting its presence in the renewable sector. In addition to Waaree Energies, the Doshi family owns engineering firm Waaree Renewable Technologies Ltd. and energy storage company Waaree Technologies Ltd., both of which are also publicly listed.According to The Economic Times report, Doshi's journey began in Tunki, Maharashtra, from where he moved to Mumbai to attend Shri Chinai College of Commerce and Economics in 1985. He supported himself in college with profits from trading hardware and electronics. Doshi eventually borrowed Rs 1,50,000 to launch a company manufacturing industrial valves and pressure gauges. By the early 2000s, he began trading power equipment, gaining significant orders from clients in the US and Europe. A visit to a trade exhibition in Germany in 2007 changed Doshi’s business direction; captivated by solar energy’s potential, he decided to pivot entirely, selling his thermal equipment business to launch Waaree Energies.

Named after the Wari temple in his village, Waaree Energies has since benefited from India’s increased government investment in renewable energy infrastructure and policy reforms. Renewable energy now represents almost half of India’s installed capacity, with solar energy accounting for 20% of the country's 457-gigawatt total as of October 2024.