Niveshaay Invests INR 325 Cr in Waaree Energy Storage Systems to Boost Battery Manufacturing The funds will help Waaree Energy Storage Systems expand its cell and pack manufacturing capacity, strengthen engineering and validation processes, and scale containerised Battery Energy Storage Systems (BESS) across India and select global markets.

By Entrepreneur Staff

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Arvind Kothari, Founder at Niveshaay

Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) management firm, has led an INR 325 crore investment round in Waaree Energy Storage Systems Private Limited (WESSPL), the battery arm of the Waaree Group.

Through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched Niveshaay WESS Fund, Niveshaay has contributed INR 128 crore.

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

The funds will help Waaree Energy Storage Systems expand its cell and pack manufacturing capacity, strengthen engineering and validation processes, and scale containerised Battery Energy Storage Systems (BESS) across India and select global markets.

Arvind Kothari, Founder at Niveshaay, said, "Battery storage will play a key role in India's clean energy growth. We are glad to lead this round and work with Waaree as they expand a domestic storage platform with scale and technology depth. Waaree's existing solar manufacturing and EPC capabilities create strong alignment for battery integration. For Niveshaay, this investment represents a continued focus on the energy transition opportunity in India."

Waaree Energy Storage Systems, part of the Waaree Group founded in 1989 by Hitesh Chimanlal Doshi, is headquartered in Mumbai with manufacturing facilities in Gujarat. The company produces a wide range of lithium-ion batteries, telecom batteries, solar inverters, and energy storage solutions for on-grid and off-grid applications.

Key competitors of Waaree Energy Storage Systems in India include Amara Raja Batteries, Exide Energy, Tata AutoComp Gotion, and Reliance New Energy.
Entrepreneur Staff

Entrepreneur Staff

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