Waaree Energy Storage Solutions, an arm of Waaree Energies Ltd, has raised INR 1,003 crore in a funding round involving strategic investors, including family offices, high-net-worth individuals, and institutional investors.
This fund raise is a part of Waaree Group’s previously announced capital expenditure of INR 10,000 crore for setting up a 20 GWh advanced lithium-ion cell and battery pack manufacturing plant. The proposed plant will focus on producing high-performance cells and battery packs for utility-scale storage systems, electric mobility, and distributed energy applications.
The investment supports Waaree Group’s rapid evolution into a fully integrated energy transition player, spanning solar modules, inverters, batteries, energy storage systems, and emerging clean energy technologies. The integration of storage manufacturing strengthens Waaree’s ability to deliver end-to-end solutions critical for grid stability, higher renewable energy penetration, and large-scale decarbonisation.
“This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India. With these strategic resources, we will fast-track the commissioning of our 20 GWh cells and battery pack facility, strengthen domestic supply chains, and contribute to the growth of India’s energy storage capacity,” said Ankit Doshi, director, Waaree Energy Storage Solutions.
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