Upaya Social Ventures Invests In Food Processing Startup Raheja Solar To Improve Incomes For Farmers In India

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Oct 19

Raheja Solar completed Upaya’s 2023 Dignified Jobs Accelerator Program

Bangalore, India | October 19, 2023

Upaya Social Ventures, which provides investment and support to early-stage enterprises creating dignified jobs for people in extreme poverty, announced its investment in Raheja Solar, an agri-based company that has developed a DIY, affordable solar food dryer that improves farmer incomes by reducing food loss.

Raheja Solar’s mission is to maximize agricultural profitability by helping farmers increase the shelf life of their produce so they can reduce waste and derive greater value from their crops. Raheja Solar provides farmers with an affordable and foldable solar dryer that can be installed even in the remotest of farms. The dryers dehydrate produce in a way that preserves its color, taste, fragrance, and nutrients. Going forward, they plan to integrate technology into these dryers to improve operational efficiencies and product outcomes. Raheja Solar also buys back dried products from farmers to be sold to food, confectionery, and tea brands.

To date, Raheja Solar has sold more than 3,500 solar dryers across 28 Indian states. The company aims to buy back dried products from 1700 small and marginal farmers by 2026.

“We are excited by the triple prospect of enhancing small and marginal farmer income, reducing food loss, and environmental impact through Raheja's Solar dryers,” said AB Chakravarthy, Upaya’s India Country Director. “This one-of-a-kind product is the need of the hour as the volatility in perishable commodities value chains is increasing. We are delighted to partner with the Raheja team as they expand their reach across different geographies.”

Raheja Solar was founded by Varun Raheja in Indore, Madhya Pradesh in 2018. He developed the idea whilst pursuing his Mechanical Engineering degree and incorporated the company at age 20 with his mother, Babita Raheja. Babita Raheja currently leads product testing and quality control for the business, as well as a training program for women.

“Joining the Upaya Social Venture community aligns perfectly with our passion for creating livelihoods and making a positive global impact,” said Raheja. “This investment validates our mission to revolutionize agriculture, scale sustainable practices, embrace technology, empower communities, promote environmental stewardship, and expand our market reach, all toward a brighter, more sustainable future.”

Raheja Solar is the 37th company in Upaya’s investment portfolio and its 11th investment in agriculture/agritech. Upaya’s investment is part of a round of funding that will support the company’s expansion to a new production unit. The funds will also be used for business development and export licensing to broaden the business’s customer base.

Raheja Solar was one of nine early-stage companies that completed Upaya’s Dignified Jobs Accelerator in 2023. Delivered in partnership with Yunus Social Business Fund Bengaluru (YSBFB), the Dignified Jobs Accelerator is a dynamic six-month investment readiness program for early-stage entrepreneurs who share Upaya’s commitment to creating dignified jobs for people in extreme poverty. Upaya and YSBFB are currently accepting applications for the Dignified Jobs Accelerator 2024 cohort for companies operating in the allied sectors of agriculture.

ABOUT UPAYA SOCIAL VENTURES:

Upaya Social Ventures is a nonprofit organization building an inclusive economy by providing investment and support to early-stage businesses creating dignified jobs for people living in the most extreme poverty.

Upaya’s award-winning, impact-first model seeks out and supports oft-overlooked companies creating work that is safe, stable, inclusive, and rewarding—generating a transformative impact on families, communities, and economies.

Since its founding in 2011, Upaya’s portfolio companies have created over 30,000 dignified jobs across India. Please visit upayasv.org for more information.