New Delhi, Feb. 13 -- Ahmedabad-based solar PV module manufacturer GREW Solar has raised Rs 1,050 crore (around $125 million) in a fresh funding round led by Bay Capital Investment, with participation from two other institutional investors, the company said on Friday.

The latest fundraise follows a previous round of Rs 300 crore in September last year, when the company had secured investments from a bunch of well-known high-net-worth individuals, including stock market investor Vijay Kedia and Rohit Kothari of GeeCee Holdings.

GREW Solar said the new capital will help fund its ongoing operations and expansion as it looks to become a fully-integrated solar manufacturer. A major portion of the capital will go toward expanding its solar cell production facility in Narmadapuram, Madhya Pradesh, lifting planned capacity from 3 GW to 8 GW by the end of 2026.

Led by founder and managing director Siddharth Mehta, Bay Capital is an India-focused investment firm that has primarily been investing in publicly-traded companies. According to its website, it has a concentrated portfolio of 15-20 companies. Founded in 2006, Bay Capital also manages several funds and special purpose vehicles. The asset manager primarily raises capital from North American investors, including endowments, foundations, family offices, and corporate pension funds.

"This investment strongly endorses GREW Solar's manufacturing capabilities, growth vision, and commitment to building a globally competitive solar manufacturing ecosystem from India," said Vinay Thadani, CEO and director of GREW Solar, in a statement.

GREW Solar, a venture of the Ahmedabad-based Chiripal Group, was founded in 2022. It began with 1.2 GW of PV module manufacturing capacity at its Dudu facility in Rajasthan and reached 3 GW of operational capacity by 2025, producing M10 TOPCon modules of up to 590 Wp.

The company is currently expanding the Dudu plant to 11 GW, positioning it as one of India's largest integrated solar PV module facilities, equipped with an in-house AI-powered research and development laboratory.

GREW Solar's expansion is aimed at achieving backward integration, supporting India's renewable energy targets and the government's "Make in India" initiative by enhancing domestic production of high-quality solar modules and components.

Published by HT Digital Content Services with permission from VC Circle.