Drashti Chheda CleanMax is getting its house in order ahead of its much-anticipated IPO. In a strategic move last month, the company’s promoters raised ₹400 crore through a pre-IPO round from 360 One Asset Management. But instead of pumping this money into the business, founder Kuldeep Jain used it to increase his own stake in the company — from 14 percent to 21 percent.
The twist? This isn’t just a vanity play. Jain plans to repay the amount, plus 13 percent interest, over the next three years — likely using his share of IPO proceeds. This calculated bet isn’t just about upping equity. It’s about maintaining control. With a massive ₹4,000–5,000 crore IPO coming up, CleanMax wants to avoid promoter dilution that would leave decision-making power in too many hands.
This isn’t an isolated maneuver. The company has lined up a solid team of investment banks and is targeting a valuation of around ₹18,000–20,000 crore. Alongside that, a portion of the IPO is expected to offer exits to key early investors, so the promoter’s increased holding helps keep a strong anchor in place.
CleanMax isn’t just posturing. With 1.7 GW of operational capacity already online and a plan to add 1 GW more every year, the company is clearly in growth mode. Most of that expansion will be solar, but wind and other sustainable energy sources are in the mix too. It’s also laying the groundwork to enter the carbon credit space — think clean cookstoves, agroforestry, and mangrove plantations — with revenue expected to kick in by mid-2025.
The company’s client list includes tech and retail heavyweights who want to go green without compromising on power reliability. With operations across India and a growing footprint in Southeast Asia and the Middle East, CleanMax is not just a local player anymore.
This promoter-level fundraise isn’t simply about optics. It’s a confidence signal. It says the people behind CleanMax believe in the story so much they’re willing to bet more of their own money on it. With the IPO approaching fast, this move sets the stage for a debut that combines ambition, preparation and clarity of control.
Investors watching the renewable space might want to keep an eye on CleanMax. This isn’t just a solar company raising money. It’s a clean energy story with a solid plan — and a promoter who’s all in.
