Early Life
Hitesh Chimanlal Doshi was born on February 22, 1967, in the village of Tunki, Maharashtra, India. Growing up in a modest, resource-poor environment, he understood the value of hard work and education from a young age. Doshi's village school only offered education up to the 7th standard; he cycled to another village to continue his studies.
Rise to Success
Doshi's entrepreneurial journey began in 1985 while he was a student at Shri Chinai College of Commerce & Economics, University of Mumbai. He borrowed ₹5,000 from a relative to start trading in hardware, electronics, and instrument gauges to support himself. After graduating, he secured a loan of ₹1.5 lakh to establish a manufacturing company, producing pressure gauges, gas station equipment, and industrial valves. A turning point came in 2007 when Doshi, inspired by a trade exhibition in Germany, recognized the potential of solar energy. He then sold his thermal equipment business to focus on solar-cell manufacturing. In 2007, Doshi founded Waaree Energies, a move that solidified his position in the renewable energy sector. Waaree Energies was listed on the Indian bourses in October 2024, and its shares surged, increasing the Doshi family's net worth.
Key Business Strategies
Hitesh Doshi has been instrumental in establishing Waaree Energies as a leader in India's solar energy sector. The company expanded its solar module manufacturing capacity in the mid-2000s, gaining a reputation for reliability and quality. Under Doshi's leadership, Waaree has been able to reach lucrative international markets and expand its revenue base. A major milestone was the establishment of a modern solar module manufacturing facility in Tumb, Gujarat, in 2015, which became one of the largest solar panel manufacturing facilities in India.
Philanthropy
Doshi and his three brothers, Pankaj, Kirit, and Viren, announced that they would donate a 1 percent stake in Waaree Energies, worth over $100 million at the current stock price, to their Waaree Foundation over the next 12 to 18 months. They plan to support causes such as education, healthcare, and community development.
