This year, the winner of the ELLE Sustainability Award was Rayzon Solar for its work toward environmental responsibility and community-focused sustainability efforts. Their initiative for integrating environmental consciousness with education and social impact, and encouraging community participation through awareness and outreach programmes, was praised across India.
The theme of the award for 2025 was “Getting Greener.” The award accentuated the company’s commitment towards implementing sustainable practices.
Rayzon’s co-founder, Hardik Kothiya, appreciated the award by ELLE and committed to work for sustainable practices.
About ELLE Sustainability Award
This year, the focus was on industry-led environmental growth. The ELLE Award is an annual event organised by ELLE India that recognises organisations and individuals for their work toward sustainable practices in lifestyle, fashion, and beauty.
Rayzon Solar to launch IPO soon
Rayzon Solar, with its steady growth in the solar industry, is gearing up to launch its IPO. It is expected that they will file a Draft Red Herring Prospectus (DRHP) with SEBI by the end of this month. According to sources, the issue is valued at around INR 1,500 crore. The proceeds will be used to accelerate the growth of the company, and for this, they have appointed two investment banks.
About the company’s growth
The company was established in 2017 and manufactures solar panels in India. They have two manufacturing facilities (Karanj and Sava, Gujarat).
The company raised INR 138 crore through private equity shares in March this year. These figures show a strong profile of the company for the IPO launch.
The company serves both domestic and international markets. Rayzon has achieved rapid growth in a short span of time. The company was able to market itself at IPL, and it is officially a partner to the Gujarat Titans and Chennai Super Kings in IPL 2025.
Market overview
India’s solar manufacturing sector is growing, with the government backing manufacturing through PLI schemes and policies, and international scenarios are also working in favour of the solar industry.
Therefore, there is a favourable environment for solar sector growth in India. India’s global commitment towards renewable energy also supports Foreign Direct Investment (FDI) in the solar sector. Therefore, the future growth seems positive.
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