In 2009, Vineet Mittal, a 50-year-old Mumbai entrepreneur, launched Avaada Energy to tap India’s solar potential, pivoting from his telecom success with Welspun Renewables, where he built Asia’s largest 151 MW solar plant. After selling 1.2 GW to Tata Power for $1.4 billion in 2016, he rebranded as Avaada with ₹100 crore family funds. “Renewables are India’s future,” Mittal told PR Newswire in 2023.
Starting with 15 MW pilots in Gujarat, Mittal secured ADB and DEG equity to scale. By 2019, FMO’s $25 million fueled 300 MW additions, hitting 1 GW capacity. A 2022 ₹1,440 crore green bond at 6.75%—India’s largest AAA-rated by a developer—powered a 2.2 GW pipeline. Despite high costs and policy shifts, Mittal’s local sourcing (80%) and 2,000+ workforce kept Avaada lean. The 2022 Bikaner 1.248 GWp solar farm—world’s largest single-site—slashed costs 40% via hybrid tech. Diversifying into wind, hydro, and green fuels, Avaada inked MoUs for hydrogen/ammonia projects.
The 2023 game-changer: $1.3 billion from Brookfield and PTT Group—Asia’s biggest green energy raise—scaled to 4 GW. GPSC’s 2024 $454 million stake valued Avaada at ₹8,330 crore ($1 billion), funding 3 GW module manufacturing and ammonia pilots. FY25 revenue estimates: ₹4,000-5,000 crore, up 30-40%, with 25-30% EBITDA margins from 531 PPAs across 1,127 clients (77% repeat). Total funding: $2.314 billion, including $1.3 billion debt.
October 2025’s milestone: Avaada Electro filed a DRHP for a ₹9,000-10,000 crore IPO, targeting mid-2026 at ₹10,000+ crore valuation—India’s largest by a module maker. Backed by Kotak and JPMorgan, funds aim for a 5.1 GW Uttar Pradesh facility and 13.6 GW module/12 GW cell expansion in Maharashtra. From 1.5 GW in 2024 to 8.5 GW by September 2025, Avaada powers 10 million homes, cutting 2 million tons CO2 yearly.
| Fiscal Year | Revenue (₹ Cr) | Capacity (GW) | Key Milestone |
|---|---|---|---|
| FY22 | ~1,500 | 1 | Green bonds ₹1,440 Cr |
| FY23 | ~2,500 | 2 | $1.3B Brookfield funding |
| FY24 | ~3,500 | 4 | 1.248 GWp Bikaner plant |
| FY25 (Est) | 4,000-5,000 | 6+ | Electro IPO filing |
Avaada’s 6 GW capacity in India’s $100 billion renewables market underscores Mittal’s vision. Employing 2,000 and sparking 10,000 indirect jobs, it blends scale with sustainability. From telecom to green titan, Mittal’s journey—rooted in “People Before Profits”—shows innovation can light up lives. As he eyes global hydrogen markets, Avaada’s IPO heralds a cleaner, brighter India.
Last Updated on Thursday, October 23, 2025 7:30 pm by Startup Times
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