Solar Startup Rays Power Infra Raises Rs 200 Cr from DMI Finance


With fresh investment, Rays Power Infra is planning to grow its co-development business model and to strengthen its footprints in India

Rays Power Infra, a leading solar power developer and EPC company in India, has successfully closed its first round of funding raising Rs 200 crore (around US$ 28.514 million) from New Delhi-based Non-Bank Finance Company, DMI Finance Pvt Lts (DMI).

The company said in a statement that it would utlilise the majority of fresh funds to strengthen its footprints in India and for developing ground-mounted solar power projects.

With fresh investment, the solar startup is planning to grow its co-development business model, a tailored model that the company has pioneered in the solar sector.

The co-development business model is mainly a develop-and-sell model where Rays Power Infra develops the asset and pre-commissions its sale to generate maximum returns and efficiently use the invested capital.

Development of further assets

Commenting on the development, Ketan Mehta, Founder and MD, Rays Power Infra, said, “Rays Power Infra in its seven years of existence has had an incredible journey starting as a solar power policy and advisory consultancy, moving to PPA advisory and bidding, design, EPC. In the last three years, the company has entered the project development stage for providing our clients with integrated solutions.”

He further said, “As co-developer partner, we are involved in financial closure and equity investment for development of project prior to sale. We intend to utilise the funds in pursuing development of further assets on co-development basis.”

Anshuman Malur, Portfolio Manager, DMI, said, “We have been impressed by Rays’ ability to be nimble, while remaining disciplined, in capital allocation. It has grown rapidly and delivered excellent return on equity mainly due to the management’s ability to identify and execute on a unique business strategy. This transaction is consistent with DMI’s philosophy of providing flexible growth capital to good companies with superior management.”

Established in 2011, Rays Power Infra has created a solar portfolio of 64 MW and has an EPC track record of providing more than 500 MW of solar assets.

The company is pursuing opportunities in rooftop solar assets, distributed generation and foraying into the retail segment with e-mobility solar solutions, with the focus on retail consumers.


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