MUMBAI – Waaree Energy Storage Solutions Pvt Ltd (WESSPL), a subsidiary of Waaree Energies Ltd, announced on Monday that it has successfully raised approximately ₹1,003 Crores in a major funding round. The investment marks a significant step in the company’s plans to establish a large-scale manufacturing facility for lithium-ion batteries.
The funding was secured from a diverse group of strategic investors, including high-net-worth individuals (HNIs), family offices, and institutional backers.
Boosting India’s Green Energy Capacity
The capital raised will be used to fast-track the development of a 20 Gigawatt-hour (GWh) manufacturing plant dedicated to advanced lithium-ion cells and battery packs. This facility is expected to produce high-performance batteries for electric vehicles, utility-scale storage systems, and distributed energy applications.
This latest fundraising is part of a broader capital expenditure plan of roughly ₹10,000 Crores. The company aims to position itself at the forefront of India’s energy storage ecosystem, directly supporting the nation’s transition to clean energy and reducing reliance on imported battery technologies.
Strategic Expansion
With this expansion, Waaree Group is evolving into a fully integrated energy player. By adding storage manufacturing to its existing solar capabilities, the company plans to offer end-to-end solutions that are critical for grid stability and the wider adoption of renewable energy.
Management View
Ankit Doshi, Director of WESSPL, highlighted the importance of the investment for domestic manufacturing.
“This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India,” Doshi said. “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.”
The new plant is expected to create local employment and foster technological innovation within the sector, aligning with India’s strategic goals for energy security and decarbonization.
