Niveshaay Leads Rs 325 Crore Boost for Waaree Energy Storage

Investment firm Niveshaay has led a Rs 325 crore funding round in Waaree Energy Storage Systems. The funds will enhance the manufacturing capacity, engineering capabilities, and global reach of Waaree's battery storage solutions, aligning with India's clean energy goals and global renewable integration trends.

The investment firm Niveshaay announced it has spearheaded a significant Rs 325 crore funding round aimed at expanding Waaree Energy Storage Systems. This capital injection seeks to bolster the Waaree Group's battery division by enhancing manufacturing capacity, engineering prowess, and scaling Battery Energy Storage Systems (BESS) both in India and globally.

The funding round, comprised largely of Niveshaay's Category II and III funds, also includes contributions from co-investors like Vivek Jain of Action Tesa and Saket Agarwal, formerly of Apollo Pipes Ltd. This initiative underscores India's stride towards reinforcing its clean energy growth, as emphasized by Niveshaay Founder Arvind Kothari.

In line with governmental policy support and economic viability provided by falling lithium-ion costs, Waaree's vertically integrated model aims to capture value at every stage of battery production and service. The global energy transition prioritizes reliable storage, aligning India's storage market trends with those observed in Western markets such as the US and Europe.

(With inputs from agencies.)