Early Life
Hitesh Chimanlal Doshi was born in Tunki, a small village in the Buldhana district of Maharashtra, India, on February 22, 1967. He grew up in a family with modest means; his father ran a small grocery store. Doshi's early life was marked by challenges, including a lack of basic amenities like electricity and telephones in his village. He had to travel daily to another village by bicycle for further studies. Doshi understood the importance of education as a means to a better life. He earned a Bachelor of Commerce degree from Shri Chinai College of Commerce & Economics, University of Mumbai, in 1987.
Rise to Success
In 1985, while studying at the University of Mumbai, Doshi started his first business venture, trading hardware, electronics, and instrument gauges, with a loan of ₹5,000 from a relative. The profits from this venture supported his college fees and living expenses. After graduating, he secured a bank loan of ₹1,50,000 to establish a manufacturing company producing industrial equipment, including pressure gauges. By the early 2000s, he began trading power equipment, securing significant orders from clients in the US and Europe. In 2007, a visit to a trade exhibition in Germany sparked his interest in solar energy. He then sold his thermal equipment business and focused on solar cell manufacturing.
Key Business Strategies
Doshi's strategic vision led to the founding of Waaree Energies, which he named after the Wari temple in his village. The company became India's largest solar module manufacturer by capacity. Waaree Energies' IPO in October 2024, which raised $514 million, was a pivotal moment. The shares surged 56% after the IPO, taking the Doshi family's net worth to about $5.2 billion. The company has five solar module manufacturing plants in India and generates the majority of its revenue from exports, especially to the United States.
Philanthropy
While specific philanthropy amounts could not be found through search, it is noted that Hitesh Doshi is committed to the renewable energy sector in India.