Niveshaay invests Rs 325 Cr in Waaree Group’s battery arm along with co-investors
The newly-raised funds will be used to expand cell and pack manufacturing and scale battery storage systems across the country and global markets.
Niveshaay has invested Rs 325 crore in Waaree Energy Storage systems, the battery arm of Waaree Group, along with co-investments from Vivek Jain, Managing Director at Action Tesa and GrowthSphere, and Saket Agarwal, former Director, Apollo Pipes and Apollo Tricoat.
The fundraise is part of Waaree Energy Storage’s Rs 1,000 crore fundraise.
Niveshaay, a SEBI-registered alternative investment fund (AIF), has invested Rs 128 crore in the company.
According to the company, the newly-raised funds will be used to expand its cell and pack manufacturing, strengthen its engineering and validation, and scale containerised Battery Energy Storage Systems (BESS) across the country and select global markets.
“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,” said Arvind Kothari, Founder, Niveshaay.
The fundraise comes amidst India’s focus on clean energy, falling lithium-ion costs, and supporting policy frameworks that have made storage economically viable for utilities and commercial use-cases.
Indian government has also rolled out supportive policies to encourage growth in this segment which includes the Production Linked Incentive (PLI) scheme for advanced cells and the Energy Storage Obligation (ESO).
Niveshaay most recently led a Rs 52 crore funding round in CIMCON Software—provider integrated hardware and software solutions for smart water, lighting, and oil and gas infrastructure.
The firm primarily backs listed and unlisted equities and is known to come in at early-stages and invest in India’s manufacturing and energy-transition ecosystem.
Edited by Megha Reddy