GRE Renew Enertech on Wednesday, May 8, announced it had successfully secured funding of 3.25 crore in a private placement round.

The firm, which supplies sustainable lighting and power products solutions, has secured the funding while it aims to launch its initial public offering (IPO) to raise nearly 30 crore around August this year.

“GRE Renew Enertech has successfully secured funding of 3.25 crore in a private placement round. This infusion of capital comes at a crucial juncture for the company as it gears up for its IPO, which is anticipated to hit Dalal Street on the SME platform around August. In its IPO, the company is expected to raise 30 crore, further fueling its growth trajectory,” said the company.

According to the company, the private placement round garnered attention from notable investors, including Ankit Mittal and Amit Kumar, who led the investment charge. Additionally, several funds actively investing in the SME space participated in the round, such as Chanakya Opportunities Fund-1, Absolute Return Scheme, and Persistent Growth Fund.

GRE Renew Enertech is headquartered in Mehsana, Gujarat. It has established itself in the solar space with over 1100 completed projects under its belt. Its portfolio includes projects spanning the domains of CPP (captive power plant) and RESCO (renewable energy service company).

GRE Renew Enertech Private Limited manufactures, exports and supplies LED lighting, solar lighting, general lighting and power products. The company claims its fully air-conditioning infrastructure covers administration, manufacturing, packaging and warehousing.

“GRE Renew Enertech is poised to undertake projects exceeding 100 megawatts in fiscal year 2025. This ambitious expansion plan underscores GRE Renew Enertech’s commitment to scaling up its operations and contributing to India’s renewable energy targets,” said the company.

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Published: 08 May 2024, 03:06 PM IST