Rays Power Experts is a solar park developer with a diverse portfolio across India, having executed six solar parks and more than 300 ground-mounted projects. The company claims a 95% market share in Rajasthan's open access market. It raised INR 200 million in an equity round led by Swastika Investmart to expand its footprint and pursue new domestic and international solar projects. Other investors in the round include the Sunil Singhania family office, Vyom Wealth Advisors, Lalit Dua of Rajasthan Global Securities, Vineet Arora of NAV Capital, and Moheet Agarwal. Rays emphasizes a cost-competitive levelized cost of electricity (LCOE) versus fossil fuels and conventional sources, positioning its projects as financially affordable. Management says the funding will accelerate expansion and help the company capitalize on growth opportunities amid a robust Indian solar EPC industry.

Total raised

$2M

Funding rounds

1

Latest round

Equity

Latest activity

Jul 2024