Mumbai, India
In a country driven by innovation, resilience, and dreams, one story continues to inspire generations—Dr. Hitesh Doshi’s phenomenal journey from borrowing ₹5,000 from a relative to founding Waaree Energies, one of India’s and the world’s largest solar energy companies, now valued at a staggering ₹89,680 crore.
What began as a modest dream rooted in determination and hard work has become a symbol of India’s renewable energy revolution. Dr. Hitesh Doshi, a first-generation entrepreneur and the visionary Founder and Chairman of Waaree Energies, has not only transformed his own life but has redefined what it means to build a sustainable future.
Humble Beginnings with a Bold Vision
Back in the 1980s, a young Hitesh Doshi took a ₹5,000 loan from a relative—not to chase luxury, but to invest in a dream. A qualified engineer and an astute thinker, Doshi believed in the power of energy and the potential of India to lead in renewable solutions. He started with the import and trade of measuring instruments. Over time, his ambitions grew, and so did his confidence in solar technology.
By 1989, Waaree Established, focusing on industrial instruments. But it wasn’t until the early 2000s that Dr. Doshi made his most groundbreaking pivot—towards solar energy. At a time when few were even talking about solar as a mainstream energy source, he invested heavily in R&D, infrastructure, and people.
Waaree Energies: A Solar Superpower
Under his leadership, Waaree Energies rapidly evolved from a small enterprise into a global solar powerhouse. Today, the company boasts:
- India’s Largest Solar PV Module Manufacturing Capacity of 12 GW, with cutting-edge, automated, and high-efficiency lines.
- A presence in 68+ countries, with 300+ franchise locations and 5000+ employees.
- Diversified offerings including solar panels, EPC (Engineering, Procurement, and Construction), solar rooftop systems, and energy storage solutions.
- Over 6 GW of solar installations across India and internationally.
Waaree is also the first Indian solar company to be listed on the Nasdaq, signifying its commitment to global benchmarks and financial transparency.
Recognition and Impact
Dr. Hitesh Doshi’s contribution to the energy sector has not gone unnoticed. Over the years, he has been honored with numerous awards, including:
- Entrepreneur of the Year by Ernst & Young
- Lifetime Achievement Award for contribution to renewable energy
- Featured in Fortune India’s Top 50 Business Leaders
But beyond the awards lies a deeper impact. Under his guidance, Waaree Energies has played a pivotal role in enabling India’s target of 500 GW renewable capacity by 2030. The company’s projects have helped electrify thousands of remote villages, power industrial facilities sustainably, and reduce millions of tons of carbon emissions.
Building an Ecosystem, Not Just a Business
What makes Dr. Doshi’s journey even more remarkable is his commitment to inclusive growth. Waaree’s manufacturing units have created employment opportunities in semi-urban and rural India. The company has launched several skill development initiatives and works closely with ITIs and engineering colleges to train future solar professionals.
He also believes in value-based entrepreneurship. “We are not just building solar panels. We are building a sustainable future, one watt at a time,” says Dr. Doshi.
A Message for Aspiring Entrepreneurs
In a world that often glorifies overnight success, Dr. Hitesh Doshi stands as a beacon of long-term vision, ethical growth, and resilience. His story reinforces that with passion, persistence, and purpose, even a ₹5,000 loan can turn into a ₹89,680 crore empire.
“I didn’t start out with much capital, but I had clarity, commitment, and courage. That’s what sustained me through decades of challenges,” Doshi reflects.
About Waaree Energies
Founded in 1989 and headquartered in Mumbai, Waaree Energies is India’s largest solar module manufacturer and a global leader in the renewable energy sector. The company offers end-to-end solar solutions and has executed projects across utility, industrial, residential, and off-grid segments. Waaree continues to innovate across solar PV modules, batteries, and solar-powered products with a strong focus on sustainability, affordability, and scale
