Avaada Valuation, Funding & Investors

Avaada is valued at $12M as of March 2022.

Last Avaada valuation

$12M

Strategic investment · Mar 2022

Last Avaada funding round

$1.3B

Strategic investment · Apr 2023

Cumulative funding Avaada raised

$1.8B

across 5 funding rounds

Avaada Overview

About Avaada

Avaada is a Delhi-headquartered renewable energy developer operating solar parks and wind farms across India. Projects total over 5 GW capacity under development, including the 1.2 GW Rajasthan solar initiative. The company supplies power to state utilities via long-term PPAs. Founded in 2018, Avaada emphasizes hybrid solar-wind setups for grid stability.


Founded

2017

HQ

IndiaNew Delhi

Website

avaada.com

Status

Privately held

Customer focus

B2B & B2G

Revenue model

Usage-based

Valuation

$12M (Mar 2022)

Avaada Valuation

Avaada is currently valued at $12M, based on its strategic investment round in March 2022.

The $1M round was led by Bharti Airtel.

Avaada's valuation has moved from $1.1B at its strategic investment round in July 2021 to $12M in March 2022, across 2 priced rounds.

Avaada valuation by funding round

Avaada valuation by funding round
DateStageValuation
Mar 2022Strategic investment$12M
Jul 2021Strategic investment$1.1B

Avaada Funding History

Avaada has raised a total of $1.8B across 5 funding rounds.

Avaada's first fundraising round was a $15M Series A in November 2019. The most recent completed round was a $1.3B strategic investment round in April 2023.

Avaada funding rounds

Avaada funding rounds
DateStageInvestorsRaisedValuationDeal Summary
Apr 2023Strategic investmentBrookfield Renewable Partners (lead); Global Power Synergy$1.3B-Avaada Group, an integrated renewable energy platform in India led by Vineet Mittal, develops utility-scale solar projects, rooftop and off-grid solar power plants, solar PV manufacturing, and is expanding into green hydrogen and green ammonia production. The company operates a ~4 GW renewable energy portfolio through Avaada Energy, with plans to reach 11 GW by 2026 and 30 GW by 2030. In April 2023, Brookfield Renewable Partners via its Global Transition Fund committed up to $1 billion in structured U.S. dollar financing (convertible securities) to Avaada Ventures Pvt. Ltd. to fund green hydrogen, green ammonia, and solar PV module manufacturing, as well as renewable portfolio growth. Thailand's Global Power Synergy Public Company Ltd. invested $68 million in Avaada Energy Pvt. Ltd. to reduce debt and support expansion; GPSC had previously acquired a 41.6% stake in 2021 for $453 million. Avaada is in advanced talks for an additional $200 million, targeting a total raise of ~$1.3 billion in this round.
Mar 2022Strategic investmentBharti Airtel (lead)$1M$12M-
Jul 2021Strategic investmentGlobal Power Synergy (lead)$454M$1.1BAvaada Energy Private Limited is an Indian renewable energy company focused on solar power development and operations. In July 2021, Thailand-based Global Power Synergy Public Company Limited (GPSP), through its wholly-owned subsidiary Global Renewable Synergy Company Limited, acquired a 41.6% stake in Avaada at an enterprise value of THB 14,825 million (approximately Rs 33.88 billion or $453 million). This transaction aligned with GPSP's international growth strategy in renewables and was one of the largest such deals in India's renewable sector at the time. At the time of the investment, Avaada had a total committed capacity of approximately 3,744 MW, including 1,392 MW operational and 2,352 MW under construction, expected to reach commercial operations by 2021-2022. The implied acquisition cost was THB 9.5 million per MW. Avaada aimed to expand to a 10 GW renewable asset base valued at $5 billion by 2025, capitalizing on India's target to reach 450 GW of renewable capacity by 2030 and growing electricity demand. The deal enhanced GPSP's expertise in solar power and supported future collaborations. Prior to this, Avaada had raised Rs 800 crore from investors like the Asian Development Bank and sold a stake in a subsidiary to Bharti Airtel, with Bank of America advising on the GPSP stake sale. Subsequently, GPSP's stake evolved; by 2025, it partially sold a 3% portion for $79 million, reducing to 39.90%, while Avaada's committed capacity grew to 20,558 MW as of March 2025. Later rounds included a $1,300M private equity investment in June 2023 with Brookfield and GPSP, part of total funding exceeding $2.3B across seven rounds.
Oct 2020Series AKFW DEG (lead)$10M-Avaada Energy Private Limited secured $10 million in funding from Deutsche Investitions- und Entwicklungsgesellschaft (DEG), a KfW Group subsidiary, announced in October 2020. The capital was intended to support the construction, operation, and maintenance of solar energy projects as part of Avaada's goal to reach 4.3 GW of capacity by 2022. At the time of this funding round, Avaada Energy's solar portfolio included 635 MW of commissioned projects and 1.96 GW under various stages of development, positioning the company as an active player in India's renewable energy sector.
Nov 2019Series AProparco (lead)$15M-Avaada Energy, a solar projects developer, secured USD 15 million in equity investment from Proparco, a French development finance institution, on November 22, 2019. The funding supports part-financing its targeted renewable energy portfolio of 5 GW capacity across Asia and Africa. Avaada leverages strong engineering, procurement, and construction capabilities to execute renewable projects. Prior to the Proparco investment, Avaada received equity infusions from Asian Development Bank (USD 50 million in April 2019), DEG (USD 50 million in February 2019 with Dutch FMO), totaling around Rs 805 crore in private equity by November 2019. The company had an order book exceeding Rs 5,198 crore as of December 2019, providing revenue visibility over the next two years. Avaada aimed for 4.3 GW capacity by 2022, with 635 MW commissioned and 1.96 GW under development at that time.

Who has invested in Avaada?

5 investors have backed Avaada across its funding rounds, including Global Power Synergy, Proparco, KFW DEG, Brookfield Renewable Partners and Bharti Airtel.

Lead investors include Brookfield Renewable Partners, Bharti Airtel, Global Power Synergy, KFW DEG and Proparco.


Avaada Investors

Investors in Avaada by funding rounds participated
InvestorHQRoundsRoleFirst check
Global Power SynergyThailandBangkok2LeadJul 2021
KFW DEGGermanyCologne1LeadOct 2020
ProparcoFranceParis1LeadNov 2019

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Avaada Competitors

Avaada competitors include listed companies like ReVolve Renewable Power and Groupe Okwind, and private ones like Element Company, Avaada MHBuldhana, Exowave and GoSun.

Public and private companies comparable to Avaada
CompanyHQStatusRevenueEBITDAValuationRevenue Multiple
Element CompanyUnited StatesDenver, COPrivate--$11M-
Avaada MHBuldhanaIndiaMumbaiPrivate--$12M-
ExowaveDenmarkEsbjergPrivate--$13M-
ReVolve Renewable PowerCanadaCanadaPublicly listed$4M($927K)$13M-
GoSunUnited StatesCincinnati, OHPrivate$4M-$14M3.5x
Groupe OkwindFranceFrancePublicly listed$27M($16M)$8M1.4x
Last FYEV/RevenueEV/EBITDA
RevenueEBITDALast FYLTM2027ELast FYLTM2027E
Peruana de Energia------
Profithol$16M($22M)0.7x-(0.5x)-
Remor Solar Polska$21M($665K)0.5x-(16.0x)-
Frendy Energy$2M$884K3.7x-9.7x-
EAM Solar$1M($195K)12.0x-(86.8x)-
Zeo Energy$69M($11M)0.6x-(3.9x)-
SolarMax Technology$91M($5M)0.5x-(8.5x)-
Sedania Innovator$21M$2M0.7x-9.1x-

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Common questions about Avaada

When was Avaada founded?Avaada was founded in 2017.
Where is Avaada headquartered?Avaada is headquartered in New Delhi, India.
Is Avaada publicly listed?No, Avaada is a private, VC-backed company.
What is Avaada's valuation?Avaada was last valued at $12M in its strategic investment round in March 2022.
How much funding has Avaada raised?Avaada has raised $1.8B across 5 funding rounds.
What was Avaada's last funding round?Avaada's last funding round was a $1.3B strategic investment round in April 2023, led by Brookfield Renewable Partners.
Who are Avaada's investors?Avaada's investors include Global Power Synergy, KFW DEG, Proparco, Bharti Airtel and Brookfield Renewable Partners.
Which companies are comparable to Avaada?Companies comparable to Avaada include Element Company, Avaada MHBuldhana, Exowave, ReVolve Renewable Power, GoSun and Groupe Okwind.

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