Waaree Energy Storage Systems Secures ₹325 Crore in Funding, Led by Niveshaay

Investment firm Niveshaay has led a ₹325 crore funding round in Waaree Energy Storage Systems (WESSPL), the battery division of the Waaree Group. As per the news reports, the funds will be used to increase cell and battery pack manufacturing capacity, improve testing and engineering facilities, and expand Battery Energy Storage Systems (BESS) operations in India and some overseas markets.

Investor Details

Of the total amount, ₹128 crore has been invested by Niveshaay through its Category II Sambhav Fund, Category III Hedgehogs Fund, and the newly launched Niveshaay WESS Fund, one of India’s first Collective Investment Vehicles (CIVs) for energy storage. 

Other investors in the round include Vivek Jain, Managing Director of Action Tesa and GrowthSphere, and Saket Agarwal, former Director at Apollo Pipes and Apollo Tricoat.

Planned Use of Funds

The capital raised will support Waaree in expanding its cell and pack manufacturing lines, enhancing R&D and validation processes, and scaling containerised BESS units. These storage systems are for industrial, commercial, and grid-level applications. The company’s plan includes growing domestic capacity to meet the rising demand for energy storage solutions.

Industry Context

India’s energy storage market is developing rapidly due to supportive policies such as viability-gap funding for grid storage, the Production Linked Incentive (PLI) scheme for advanced battery manufacturing, and the Energy Storage Obligation (ESO) for power distribution companies. As per Niveshaay, India’s total battery storage installations could reach around 200 GWh by 2030, compared to 0.4 GWh in 2024.

Waaree already has a presence in solar module manufacturing and EPC services, which align with its entry into battery storage. Its setup allows the company to manage production, system integration, and long-term maintenance for BESS solutions.

Read More: Waaree Energies Share Price in Focus on Securing 360 MW Solar Module Supply Contract!

Conclusion

The funding led by Niveshaay will help Waaree Energy Storage Systems increase manufacturing capacity and support India’s focus on building local energy storage infrastructure. 

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