Startup Originals Team
From a village that once lived without reliable electricity to building one of the world’s largest solar manufacturing companies, Hitesh Doshi’s journey is a powerful story of vision, resilience, and long-term thinking. With just a ₹5,000 loan and no safety net, he went on to build Waaree Energies, a renewable energy giant now valued at around ₹76,100 crore.
Roots in a Small Village, Dreams Without Limits
Hitesh Doshi was born in Tunki, a small village in Maharashtra where infrastructure was limited and life revolved around hard work and simplicity. Growing up in modest circumstances, he experienced firsthand what scarcity meant, especially the absence of reliable power.
Those early years shaped his discipline and ambition, planting the seeds for a future that would eventually focus on energy and self-reliance.
A Leap of Faith to Mumbai
In 1985, Doshi made a bold decision to leave his village and move nearly 600 kilometres to Mumbai, hoping for better opportunities. He enrolled at Shri Chinai College of Commerce and Economics, but city life came with its own challenges.
With limited financial support and rising living costs, survival itself became a daily test. It was during this period that Doshi learned the importance of resilience and adaptability, traits that would later define his entrepreneurial journey.
The ₹5,000 That Started Everything
Facing financial constraints, Doshi borrowed ₹5,000 from a relative. With this small amount, he began trading in hardware components, electronics, and instrument gauges.
What started as a way to make ends meet soon became a practical business education. He learned how markets work, how customers think, and how trust and consistency drive long-term success.
From Trading to Manufacturing
A major turning point came when Doshi secured a ₹1.5 lakh bank loan, allowing him to move from trading into manufacturing. He set up a company producing pressure gauges, gas station equipment, and industrial valves.
The business scaled faster than expected. Orders from the US and Europe followed, putting his company on the global manufacturing map and giving him exposure to international quality standards and industrial innovation.
The Germany Moment That Changed His Path
In 2007, Doshi attended a trade exhibition in Germany, where he encountered advanced solar technology for the first time. The experience proved transformative.
He immediately recognised that renewable energy, especially solar, would define the future. Taking a bold and risky decision, he chose to exit his established thermal equipment business and pivot fully toward solar energy.
The Birth of Waaree Energies
After returning to India, Doshi founded Waaree Energies, naming it after the Wari temple near his hometown, a symbol of his roots, faith, and commitment to sustainable growth.
Under his leadership, Waaree focused on building end-to-end capabilities in solar manufacturing, prioritising scale, quality, and long-term impact over short-term gains.
A Global Solar Powerhouse Today
Today, Waaree Energies stands among the largest solar manufacturers globally:
- 22.3 GW of solar module manufacturing capacity
- 5.4 GW of solar cell manufacturing capacity
- Modules supplied to 24+ countries
- 35+ years of innovation-led leadership
In October 2024, Waaree launched a $514 million IPO, marking a historic milestone. Market estimates now place the company’s valuation at around ₹76,100 crore.
Lighting the World, One Panel at a Time
From a childhood without electricity to powering homes, industries, and grids across the world, Hitesh Doshi’s journey is a testament to how vision can outgrow circumstance.
What began with a ₹5,000 loan has become a company that lights up the world, proving that determination, timing, and courage to pivot can turn even the smallest beginnings into global impact.
