From Humble Beginnings to Solar Power Mogul: The Inspiring Journey of Hitesh Doshi
Journey of Hitesh Doshi - founder of WAAREE GROUP
Who is Hitesh Doshi?
Hitesh Chimanlal Doshi, the Chairman of Waaree Renewables Technologies, is a testament to the power of determination and entrepreneurship. Doshi's journey from a modest background to leading one of India's prominent solar power companies is an inspiring tale of resilience, vision, and hard work.
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He says "If we are right, the opportunities are much much higher than somebody can dream of". In his pursuit of self-development, Hitesh says people should always be foolish and hungry. This philosophy underscores his belief that constant curiosity and ambition are catalysts for personal and professional growth.
Education and Early struggles
Doshi was born and raised in a small village in the Buldhana district of Maharashtra. His father used to run a small grocery store in Buldhana village.
Coming from a village with limited amenities, where electricity and telephones were a luxury, Hitesh's early life was marked by hardship and challenges. His village school offered education only up to the 7th standard. For further studies, he was compelled to travel daily to another village using a bicycle.
The lack of basic amenities did not deter him; instead, it fuelled his determination to overcome obstacles and seek opportunities beyond the constraints of his upbringing. He says that it kept his hunger alive for a better tomorrow.
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He came from a family where financial constraints were a daily reality, Hitesh Doshi understood the importance of education as a means to a better life. He completed a Bachelor's Degree in Commerce from Shri Chinai College of Commerce & Economics, University of Mumbai in 1987.
During his graduation days, the hostel in Nagdevi became a pivotal chapter in his journey towards entrepreneurial success. He realised the fundamental need for sustenance, he made a conscious decision to stay away from traditional job paths. Instead, he started trading and various endeavours to ensure his financial stability.
In 1985, armed with a vision to alleviate his father's financial burden, he ventured into the business world while pursuing his education in Mumbai. He borrowed Rs 5,000 from a relative, and he started his first venture, realizing the demand for pressure and temperature gauges. It was tough to manage ventures and studies, but he did. With a profit of Rs 1,000 per month, Doshi managed to cover his college fees and living expenses.
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Entrepreneurial Odyssey
In 1989, he officially registered his company, Waaree Instruments, laying the foundation that became remarkable. The company started manufacturing measuring instruments. Despite limited resources, Doshi's keen business acumen led him to expand into manufacturing thermometers. In 1992, Hitesh took a significant step by leasing a 300 sq ft office space in Andheri to establish a manufacturing unit, Mahaveer Thermo Equipments.
With a bank loan of Rs 1.5 lakh, he invested in local procurement of lath machines and hired a small team. The company's initial focus on thermometers laid the foundation for what would become a diversified portfolio of industrial products.
Over the years, Waaree Group expanded its product range, delving into the manufacturing of pressure gauges, solar power equipment, LED lighting fixtures, and more. The company's success was marked by strategic decisions, and reinvesting profits into acquiring new technology and machinery.
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In 2007, the Corporation began using solar energy with a 30 MW solar module with a unit in Surat. Primarily for the European market, since the Indian market was not prepared for it. Later, it went to China, the US, and Japan, and continued.
In a significant move in February 2011, Waaree Group sold its manufacturing unit for a substantial sum to the Switzerland-based Baumer Group. This provided the financial impetus for the group to further expand its solar business. Collaborations with international entities, such as the Joint Venture with Zucatti in Italy for manufacturing solar panels, showcased Doshi's global vision.
In 2013, Waaree Group acquired Cesare Bonetti SpA, Italy, a leading manufacturer of level gauges and valves. This strategic move not only expanded the Company's product portfolio but also increased its employee strength to 200 in India and Italy. Today, the group has a presence in 65 countries, with headquarters in Mumbai and multiple offices across the globe.
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Beyond business success, Hitesh Doshi has demonstrated a commitment to social causes. His engagement in various non-profit organisations, particularly those focused on education shows his concern for the needy, he has contributed to the community and emphasises the importance of giving back.
As of June 2023, Waaree has India's largest aggregate installed capacity of 12GW. Waaree factories in Chikhli, Surat, Tumb, and Nandigram, Gujarat, have the biggest aggregate installed capacity in India. It is also a major player in the solar module export market.
In a strategic move, the Group plans to achieve backward integration into solar cell manufacturing, projecting a substantial capacity by the end of FY24.
Hitesh Chimanlal Doshi's journey from a small village in Maharashtra to the helm of Waaree Group is a story of triumph over adversity. His entrepreneurial spirit, strategic decision-making, and commitment to innovation have not only shaped his personal success but have also positioned Waaree Group as a key player in the renewable energy sector.
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His unwavering commitment to never giving up makes him a successful leader. Hitesh Doshi's life serves as an inspiration for aspiring entrepreneurs, showcasing that with determination and hard work, one can overcome any obstacle and make a lasting impact on the world.
Hitesh Doshi's net worth
The market cap of Hitesh Doshi's Waaree Renwables Technologies Ltd is ₹ 10,679 Cr.
Sources
https://youtu.be/rqNku-XMafE?si=e28oQuIdR06n7DJ8
https://www.waaree.com/Board-Of-Directors/hitesh-chimanlal-doshi
https://youtu.be/twVFms9SeT0?si=D_5uhhmuQs_iMGW2
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