About Dhanvikas
Dhanvikas is an Energy & Utilities company based in Mumbai (India) founded in 2018, and was acquired by Solfin in October 2024. Solar energy services are provided to residential and commercial customers. Its Indian entity Solfin Sustainable Finance Private Limited reported revenue of ₹2.25 Cr. Its focus areas include Energy, Solar Energy, Solar-as-a-service and Full-end Services. Its competitors include SolarSquare and Oorja; 2 of its 2 listed competitors have raised funding.
Company details
Dhanvikas was established in 2018 in Mumbai, India, within the renewable energy sector. Solar energy solutions are delivered to residential and commercial clients through various services, including system installation and maintenance. Operations are centered on sustainable power generation, with the companys domain, dhanvikas.com, facilitating online access to information and support. Focus remains on local and regional deployment of solar technologies.
- Headquarters Mumbai, India
- Stage Acquired
- SectorsEnergy & Utilities
- Website dhanvikas.com
- Acquired by Solfin (Oct 2024)
- Legal Name Solfin Sustainable Finance Private Limited
- Date of Incorporation 20 Feb, 2018
- Jurisdiction Mumbai, Maharashtra, India
Associated legal entities of Dhanvikas
Dhanvikas operates through Solfin Sustainable Finance Private Limited (active). Its filings, financials, charges and directors are on the company page.
| Legal entity | Status | Incorporated | Registered in | Revenue (FY 2025) | Employees | Directors | Company page |
|---|---|---|---|---|---|---|---|
| Solfin Sustainable Finance Private Limited CIN U65999MH2018PTC305249 | Active | 20 Feb 2018 | Mumbai, Maharashtra | ₹2.2 Cr | 11 | 6 | View details |
Investors in Dhanvikas
Dhanvikas has secured backing from 1 investor, including institutional investors. Prominent investors backing the company include Solfin.
| Investor | Description | Founded Year | Domain | Location |
|---|---|---|---|---|
SME loans for solar projects are financed and overseen. | 2022 | solfin.co.in | Gurugram, India |
Investor details for Dhanvikas
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Board of directors of Solfin Sustainable Finance Private Limited (Dhanvikas)
Solfin Sustainable Finance Private Limited is the primary company behind Dhanvikas. The board of Solfin Sustainable Finance Private Limited currently have 5 directors; the longest-serving is Swarup Roy Choudhury, appointed in 2018. 8 earlier directors have ceased.
| Director | Designation | Appointed | Tenure | Entity |
|---|---|---|---|---|
| Swarup Roy Choudhury DIN 05269840 | Managing Director | 20 Feb 2018 | 8 yrs 8 mo | Solfin Sustainable Finance Private Limited |
| Pramod Mahanta DIN 07793422 | Director | 19 Jul 2024 | 2 yrs 3 mo | Solfin Sustainable Finance Private Limited |
| Chintan Navinbhai Shah DIN 07795952 | Director | 19 Jul 2024 | 2 yrs 3 mo | Solfin Sustainable Finance Private Limited |
| Gautam Kaushik DIN 06443275 | Director | 19 Jul 2024 | 2 yrs 3 mo | Solfin Sustainable Finance Private Limited |
| Ankit Hitesh Doshi DIN 07605202 | Director | 31 Jul 2024 | 2 yrs 3 mo | Solfin Sustainable Finance Private Limited |
Financials of Dhanvikas
Figures of Solfin Sustainable Finance Private Limited, the primary company behind Dhanvikas, for FY 2025. Revenue was ₹2.25 Cr (+2329% year on year). Net loss was -₹3.16 Cr (-140% margin). EBITDA was -₹3.16 Cr (-141% margin). Revenue has grown at a compounded annual rate of +7859% over three years and +91% over five years.
- ₹2.25 CrRevenue · FY 2025 · +2329% YoY
- -₹3.16 CrNet loss · -140% margin
- -₹3.16 CrEBITDA · -141% margin
- ₹36.38 CrPaid-up capital
- 11Employees (provident fund records)
- +7859%Revenue CAGR, 3 years
- +91%Revenue CAGR, 5 years
Balance sheet, profit and loss, cash flow and ratios of Solfin Sustainable Finance Private Limited are on its company page.
Detailed financial statements for Dhanvikas
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Timeline of Dhanvikas
2 dated milestones of Dhanvikas across 6 years, from founding to its latest funding, stage changes and deals.
- Founded Dhanvikas is founded.
- Exit Acquired by Solfin.
Competitors of Dhanvikas
Dhanvikas has 2 listed competitors in our database, 2 of them funded. They include SolarSquare and Oorja.
| Company Name | Domain | Founded | HQ Location | Total funding | Employees | Description |
|---|---|---|---|---|---|---|
| solarsquare.in | 2015 | Mumbai, India | $61.07M | 1,463 | Provider of solar panel installation services | |
| oorjasolutions.org | 2016 | Delhi, India | $2.51M | Solar-powered irrigation and tech services for farmers are provided. |
Detailed competitors of Dhanvikas
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Top companies in Renewable & Sustainable Energy
3 companies that operate in the same segment as Dhanvikas (Renewable & Sustainable Energy) in India, ranked by their profile score on The Company Check.
| Company | Description | Founded | Location | Total funding | Revenue | Employees |
|---|---|---|---|---|---|---|
Hybrid renewable energy solutions are provided for rural communities. | 2008 | Patna, Bihar, India | USD 73.99 M | USD 3.46 M | 294 | |
Solar energy projects are developed for commercial and industrial clients. | 2011 | Mumbai, Maharashtra, India | USD 442.67 M | USD 166.51 M | 365 | |
Manufacturer of solar PV modules | 1990 | Mumbai, Maharashtra, India | USD 111.38 M | USD 2.77 B | 8,690 |
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Frequently Asked Questions about Dhanvikas
Dhanvikas was founded in 2018.
Dhanvikas is headquartered in Mumbai, India. It is registered at Mumbai, Maharashtra, India.
The primary company behind Dhanvikas, Solfin Sustainable Finance Private Limited, reported revenue of ₹2.25 Cr for FY 2025, up 2329% year on year.
Dhanvikas was established in 2018 in Mumbai, India, within the renewable energy sector. Solar energy solutions are delivered to residential and commercial clients through various services, including system installation and maintenance. Operations are centered on sustainable power generation, with the companys domain, dhanvikas.com, facilitating online access to information and support. Focus remains on local and regional deployment of solar technologies.
Dhanvikas's top competitors include SolarSquare and Oorja.
Dhanvikas has 1 investor. Key investors include Solfin.
Dhanvikas operates through Solfin Sustainable Finance Private Limited.
Yes. Dhanvikas was acquired by Solfin in October 2024.
The legal entities of Dhanvikas currently have 6 directors, including Swarup Roy Choudhury, Ankit Hitesh Doshi, Pramod Mahanta and others.