Solar power solutions provider Eapro Global has raised Rs. 400 mn from a group of institutional investors, family offices and individual investors, as it prepares to expand its manufacturing and technology capabilities. The company said the funds would also support efforts to increase its presence in India’s renewable energy and power-backup markets.

The fundraise comes as Eapro seeks to scale its operations across the solar energy sector. The company provides solar power solutions, inverters, batteries and energy storage systems to residential, commercial and industrial customers across the country.

Eapro said the fresh capital would be used to increase manufacturing capacity and strengthen its technology capabilities. It also plans to accelerate market expansion as demand for renewable energy and power-backup products grows in India.

The company is targeting an initial public offering (IPO) by FY28. Managing director Jagdeep Chauhan said the investment had strengthened Eapro’s balance sheet and would help it scale manufacturing, deepen its technology capabilities and pursue opportunities in the expanding market.

Chauhan said Eapro was already in discussions with lead managers and prospective investors as it prepared for the proposed stock market debut. The company did not disclose the valuation associated with the investment or provide details on the participating investors.

Eapro’s product portfolio covers solar energy generation and storage requirements for customers across multiple segments. Its expansion plans are expected to focus on increasing production capacity, improving technical capabilities and broadening its reach in renewable energy and backup-power applications.