With just a Rs 5,000 loan, Hitesh Chimanlal Doshi transformed his vision into a Rs 42,000 crore empire as the founder of Waaree Energies Ltd. He began his journey in India's energy sector with humble beginnings, and today, the Waaree Group stands as a leader in the renewable energy market. Recently, Waaree Energies Ltd. celebrated a remarkable public listing, propelling 57-year-old Hitesh Doshi into the ranks of the world’s wealthiest individuals.

Background 

Hitesh Doshi was born into a modest family and grew up with a simple lifestyle. Faced with financial challenges, he took on responsibilities at an early age, which sparked his interest in business. However, he struggled with limited capital and support. While pursuing his studies, he borrowed Rs 5,000 from a relative, using this small sum as a stepping stone to pursue his entrepreneurial dreams.

Launching a business

In 1985, Hitesh Doshi took the bold step of borrowing Rs 5,000 to launch a small business selling electronics and hardware. Originally intended for his daily expenses, he redirected the funds to pursue his entrepreneurial ambitions. After completing college, he secured an additional loan of Rs 150,000, which he used to establish a small hardware factory. His business steadily expanded, and he continued to move forward with determination. In 2000, he ventured into the electrical goods market, focusing on products like water pumps and heaters.

A turning point

Hitesh's life took a transformative turn in 2007 when he attended an exhibition in Germany, where he was inspired to enter the solar energy sector. By this time, he had gained valuable business knowledge and cultivated a robust network. Seizing the opportunity, he made the bold decision to sell his existing business and pivot towards manufacturing solar cells. This marked the inception of 'Waaree Energies,' a name he chose in honour of the temple in his village, Waaree.

India's largest solar module manufacturing company

Waaree Energies experienced rapid growth, quickly establishing itself as India’s largest solar module manufacturing company. Today, it is recognized as a market leader in the country’s solar energy sector. Leveraging the strength of quality and competitive pricing, Hitesh began exporting his products not only across India but also to markets in America and Europe. Currently, the majority of Waaree Energies' revenue comes from solar products exported to the United States. With the company now valued at Rs 42,000 crore, Hitesh’s journey serves as an inspiration to anyone aspiring to achieve greatness in their lives.

Also read- Meet the tycoon behind a multibillion-dollar empire, who leads a simple life