Mr. Chirag Nakrani | Founder and Managing Director of Rayzon Solar
Early Life and Background: Mr. Chirag Nakrani resides in Surat, Gujarat, where he completed his education. He had an interest in technology, how it was created, developed into unique devices, and how it was further commercialized, which was fostered from his childhood through the 1990s technological boom. Having the privilege of growing up in a business family with the father engaged in the real estate business arm was key in instilling discipline, morals, and manners of running a business. Mr. Chirag says that most of his preliminary education and inspiration came from his father, who has always been his idol.
Entrepreneurial Journey: Initially, Mr. Chirag was actively involved in the family’s real estate business, managing day-to-day operations. Although the business was stable and successful, Mr. Chirag felt a void due to a lack of innovation and creativity. He wanted to push himself and create something that could be beneficial for society. In 2017, he partnered with his friend Mr. Hardik Kothiya, and they formed Rayzon Solar. They did market research about what future industries could be, and it all came down to one idea—renewable energy, which they believed would have a positive impact on society, and is sustainable.
With absolutely no background in the solar industry, Mr. Chirag and other members were able to establish Rayzon Solar starting from scratch with the help of a 100-solar-panel-per-day small-scale manufacturing unit. His relentless ambition behind Rayzon Solar has made it rapidly expand and develop itself as one of the key solar manufacturers in India.
Achievements and Business Growth: Under Mr. Chirag’s leadership, Rayzon Solar has witnessed impressive growth, both in terms of revenue and production capacity. From an initial turnover of ₹1 crore in 2017, the company has projected revenue of ₹3,000 crores by 2024. Rayzon Solar’s manufacturing capacity has also increased to 4 GW, with plans for further expansion to 13 GW in phased development by 2026. In just seven years, Rayzon Solar has become one of the top 3 solar panel manufacturing companies in India, with a workforce of over 2,300 employees.
Challenges and Business Philosophy: Starting without any technical knowledge in the manufacturing industry, Mr. Chirag faced numerous challenges, particularly in assembling a skilled team and navigating the complexities of solar technology. He did what all good leaders do and worked his way around the struggles, starting with picking a diverse team and motioning through the obstacles associated with solar tech. He has built his reputation as an honest businessperson with good values and easygoing approach towards customers. Therefore, his commitment to ethical business practices, transparency, and customer satisfaction has been key to Rayzon Solar’s long-term success. He strongly believes in taking calculated risks, adapting to market changes, and always prioritizing customers’ happiness.
Interests and Hobbies: In addition to his profession, Mr. Chirag reads, travels, and plays cricket. He has visited to several places, benefiting from the diversity of cultures and industries across the globe. His travels include the USA, Germany, Australia, Greece, and other parts of Asia, thus enhancing his world outlook.
Vision for the Future: Mr. Chirag Nakrani further describes approach of Rayzon Solar as a company that focuses on innovation and looks into the future. He aims to support the renewable energy objectives of India by enhancing the volume of production held by the company, performing R&D activities, and looking for new international markets.
Mr. Chirag’s entrepreneurial spirit, dedication to moral business conduct, and enthusiasm for using renewable energy sources to improve society are all factors in Rayzon Solar’s growth.
