Avaada Group’s Financials, Revenue, Profit, Valuation & Shareholding Overview (2025)
Legal Name: Solarsys Non-conventional Energy Private Limited | CIN: U40108MH2006PTC165672
Avaada Group, led by Vineet Mittal, is one of India’s most prominent renewable energy companies, pioneering large-scale solar, green hydrogen, and integrated sustainable infrastructure projects. Founded with the vision to accelerate India’s transition to clean energy, Avaada has swiftly expanded its operational capacity and market footprint. The company leverages advanced technologies, strong strategic partnerships, and operational excellence to deliver reliable and affordable renewable energy solutions. Over the years, Avaada has diversified into new verticals like green ammonia and hydrogen, further strengthening its position as a leader in the sector. Its ability to execute large-scale projects, attract substantial investments, and focus on vertical integration sets it apart in a rapidly evolving market. By prioritizing innovation and sustainability, Avaada is shaping India’s energy future while building a resilient and scalable business model poised for long-term success.
| Metric | Detail |
|---|---|
| Founding Year | 2017 |
| Headquarters | India |
| Revenue FY23 | ~$500 million |
| Revenue FY22 | ~$330 million |
| Profit/Loss FY23 | Negative |
| Total Employees FY23 | ~2,300 |
| Round | Date | Amount Raised | Valuation | Investors |
|---|---|---|---|---|
| Latest Round | 2023 | $1.3 billion | ~$2 billion | Brookfield, PTT |
| Series C | 2021 | $250 million | ~$1.5 billion | Brookfield Renewable, Global Power Synergy |
| Series B | 2020 | $100 million | ~$1 billion | Asian Development Bank, PTT |
| Series A | 2019 | $50 million | ~$600 million | PTT, other strategic investors |
| Seed | 2017 | $20 million | ~$300 million | Founders & Angel Investors |
Avaada Group’s revenue has grown strongly from ~$330 million in FY22 to ~$500 million in FY23, with a forecast of ~$720 million in FY24. The upward trend highlights expansion in solar capacity and green hydrogen initiatives. Despite ongoing losses, operational efficiency improvements indicate progress toward profitability.
Margins remain impacted due to rapid scale and capital investments. Over time, improved utilization and supply chain efficiency are expected to enhance margins and reduce costs, supporting future profitability.
Avaada’s workforce has expanded from ~1,800 in FY22 to ~2,300 in FY23, with a projected ~2,800 in FY24. This growth reflects Avaada’s focus on talent development and readiness for upcoming large-scale projects.
- Expand solar and green hydrogen capacity in India and abroad.
- Strengthen manufacturing for solar modules and green ammonia.
- Explore new markets and strategic partnerships globally.
- IPO plans under consideration to fuel future growth.
Avaada secured a $1.3 billion investment from Brookfield in 2023 to support expansion in renewables and green hydrogen. The company continues to win major projects and is evaluating IPO plans to accelerate further growth.
| Metric | Detail |
|---|---|
| Revenue Growth | Strong upward trajectory |
| Profitability | Negative but improving |
| Employee Growth | Consistent expansion |
| Market Position | Leading renewables player |
Avaada Group’s strong revenue growth, strategic expansion into green hydrogen, and solid funding position it as a key renewable energy leader. While profitability is still evolving, operational efficiencies and manufacturing scale-ups lay a foundation for future success. Make smarter business decisions with verified insights on companies and directors. Visit Affluense.ai to learn more.
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