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
FinTech BizNews Service
Mumbai, July 25, 2024: Rays Power Infra, a leading player in the solar EPC and turnkey solution sector, proudly announces the successful closure of a fundraise of INR 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 INR 200 crores over the past few months. The impressive traction received by Rays Power Infra highlights the growing confidence in its vision and execution capabilities.
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.
Mr. Ketan Mehta, Managing Director and CEO of Rays Power Infra, expressed his enthusiasm, stating, "We are thrilled to witness the robust support from our investors. Being a debt-free company, 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."
Mr. 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, Rays Power Infra is well-positioned to strengthen its leadership in the renewable energy sector, driving innovation and sustainability. Furthermore, Rays Power Infra plans to keep raising more capital every year, aiming to grow at a compounded rate of over 50% in the coming years.
Rays Power Infra remains committed to delivering top-tier solar and wind energy solutions, contributing to India's renewable energy goals, and creating long-term value for its stakeholders.
