Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) management firm, has announced a major ₹325 crore investment in Waaree Energy Storage Systems Pvt. Ltd. (WESSPL), the energy storage arm of the Waaree Group. This investment forms part of Waaree’s total ₹1,000 crore fundraising round aimed at expanding its cell and battery pack manufacturing capabilities and scaling Battery Energy Storage Systems (BESS) across India and global markets.
Through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched Niveshaay WESS Fund—one of India’s first dedicated Collective Investment Vehicles (CIVs)—the firm has invested ₹128 crore. Co-investors in the round include Vivek Jain, Managing Director of Action Tesa and GrowthSphere, and Saket Agarwal, former Director of Apollo Pipes Ltd and Apollo Tricoat.
Strengthening India’s Energy Storage Ecosystem
The funds will enable Waaree Energy Storage Systems to expand its cell and pack manufacturing, enhance engineering and validation capabilities, and scale containerised BESS solutions across domestic and select international markets. These systems are designed to address the growing demand for renewable energy storage, grid stability, and peak demand management.
India’s energy storage sector is witnessing rapid growth, backed by robust policy support through viability gap funding for grid-scale storage, the Production Linked Incentive (PLI) scheme for advanced chemistry cells, and the Energy Storage Obligation (ESO). Industry projections predict that cumulative energy storage installations in India will increase from 0.4 GWh in 2024 to nearly 200 GWh by 2030.
Leadership Commentary
Commenting on the development, Arvind Kothari, founder of Niveshaay, said:
“Battery storage will play a crucial 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 technological depth. Waaree’s strong solar manufacturing and EPC capabilities create natural alignment for integrated battery solutions. For Niveshaay, this investment reflects our continued focus on India’s energy transition and sustainability opportunity.”
Driving India’s Clean Energy Transition
The global energy landscape is shifting from generation capacity to energy reliability, flexibility, and storage. With declining lithium-ion battery costs and favourable policy frameworks, large-scale storage has become economically viable for utilities, industries, and renewable developers. India is now following the trajectory of markets such as the U.S. and Europe, where multi-hour battery systems are transforming renewable integration and power reliability.
Niveshaay’s strategic investment positions it at the forefront of this transformation, supporting a company with proven manufacturing expertise and a scalable roadmap for domestic and export markets. As BESS technology changes from providing short-term support to offering multi-day and mixed storage systems, Waaree’s all-in-one strategy allows it to benefit from manufacturing, integration, and long-term service in the clean energy field.
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