Started with Rs.5,000, Now Worth Rs.43,700 Crore: IPO Transformed Their Fortune

Capital is essential when starting a business, often sourced from loans initially, with companies later turning to the share market for expansion funds. Recently, the share market has been on a downward trend, but recovery is anticipated. Notably, Waaree Renewable Technologies has delivered over 66% returns to investors through its IPO, which listed at ₹2550, well above its price band of ₹1503. This success has significantly benefited investors, and interestingly, the owner of Waaree Energies started his business while still in school.

Hitesh Chimanlal Doshi is the Chairman of Waaree Renewable Technologies. He began his entrepreneurial journey while studying in Mumbai, borrowing ₹5,000 from a relative in 1985. Balancing his studies and business was tough at first, as he earned ₹1,000 a month, which was just enough for his college fees and living costs.

As his business expanded, Hitesh registered the company, Waaree Instruments, in September 1989, which had a turnover of ₹12,000 in its first year. Fast forward forty years, and Waaree has grown into one of the largest companies in the renewable energy sector, with a market capitalization of ₹71,244 crore. Hitesh Doshi’s journey is a remarkable example of entrepreneurial success, evolving from modest beginnings to establishing a renewable energy powerhouse.

In an interview, Hitesh Doshi revealed that he was born in a village in Maharashtra’s Buldhana district. His father owned a grocery store. Since the village only had schooling up to 7th standard, he had to move elsewhere for further education.

After completing 12th standard, Hitesh moved to Mumbai. He graduated from Chinai College of Commerce and Economics, affiliated with the University of Mumbai.

With a passion for business, Hitesh borrowed money in 1985 to start his own venture, initially selling gauges. Later, he expanded into manufacturing electrical equipment like water pumps, heaters, and cookers to support his family.

After doing business for a few years, Hitesh established his own company, naming it Waaree Energies after the Waari Temple in his hometown.

At the time of the company’s inception, he took a loan of ₹1.5 lakh from the bank. The business grew gradually, and in 2007, Waaree Energies began manufacturing solar equipment.

Subsequently, they received orders from customers in America and Europe, and the company emerged as a leading player in the renewable energy sector.

Hitesh Doshi’s wealth

Following Waaree Energies’ listing on Monday, Hitesh Doshi and his family joined the list of the world’s richest people.

According to the Bloomberg Billionaires Index, the Doshi family’s wealth stands at approximately $5 billion (₹50,000 crore) post-listing.

Hitesh Doshi, 57, serves as Chairman and MD of Waaree Energy. His two brothers and nephew are board directors.

As the largest shareholders of Waaree Renewable Technologies Ltd and energy storage company Waaree Technology Ltd, the Doshi family holds significant stakes in these listed entities.