Startup Originals Team
Hitesh Chimanlal Doshi’s story is a shining example of determination, vision, and innovation. Born in a small village in Maharashtra without access to electricity, Doshi has risen from modest origins to build Waaree Energies – India’s largest solar company – playing a pivotal role in the nation’s renewable energy revolution.
Early Life: Growing Up Without Electricity
Hitesh Doshi was born in Tunki, a village located in the Buldhana district of Maharashtra. His family faced financial hardships, and their home did not have basic amenities like electricity or a telephone. Doshi’s father ran a small grocery shop, which was the family’s main source of income. Educational opportunities were limited in the village; schooling was available only up to the 7th grade. Determined to continue his education, Doshi cycled several kilometers every day to attend higher classes. For him, education was the first step towards empowerment and breaking the cycle of poverty.
The Mumbai Hustle and Beginning of an Entrepreneurial Journey:
After completing his early schooling, Doshi moved to Mumbai to pursue higher education. He graduated with a Commerce degree from Shri Chinai College, University of Mumbai, in 1987. Living in a small hostel room in the Nagdevi area of Mumbai, Doshi started trading small goods to support himself financially. This phase of relentless effort and hustle cultivated in him the spirit and business acumen that would later lead to his success.
Starting Small: The ₹5,000 Loan and First Business
Doshi’s entrepreneurial journey began with a modest loan of ₹5,000 from a relative. With this amount, he first ventured into manufacturing pressure and temperature gauges. However, during this time, he identified a significant gap and unmet need in India’s energy sector. Recognizing the vast potential in solar energy – long before it became a mainstream focus in India – Doshi decided to enter the renewable energy industry, founding Waaree Energies.
Building India’s Largest Solar Manufacturing Empire:
Under Doshi’s leadership, Waaree Energies expanded rapidly. The company set up one of the largest solar panel manufacturing factories in Tumb, Gujarat, with an investment of approximately ₹8,000 crore. Waaree’s manufacturing capacity reached 12,000 MW of solar modules. The company focused on reducing dependence on Chinese imports by targeting global markets including the USA, Europe, and Asia. Today, Waaree is a trusted name providing residential, industrial, and EPC (Engineering, Procurement, and Construction) solar solutions across India and worldwide.
Achieving Milestones: IPO and Global Expansion
In 2023, Waaree Energies took a significant step forward by filing for an Initial Public Offering (IPO) on the Bombay Stock Exchange (BSE). The IPO successfully raised ₹2,800 crore (around $514 million), which Waaree used to expand manufacturing capabilities, invest in research and development, and scale operations globally. Currently, Waaree has a presence in more than 68 countries and is recognized as a key player in the global clean energy landscape.
Vision for a Sustainable Future:
For Hitesh Doshi, Waaree Energies is more than a business – it represents a mission to provide affordable solar power to the masses and contribute towards nation-building. From a village without electricity to illuminating millions of homes worldwide, Doshi’s journey demonstrates that humble beginnings do not limit the potential to make a lasting, positive impact on the world.
