In a significant move for India’s clean-energy landscape, SEBI-registered investment firm Niveshaay has committed a substantial ₹325 crore stake in Waaree Energy Storage Systems Pvt Ltd (WESSPL), the energy-storage arm of the Waaree Group. The investment forms a key part of Waaree’s ongoing ₹1,000 crore capital-raising round, which targets expansion of its cell and battery-pack manufacturing capabilities, alongside scaling up of its containerised Battery Energy Storage Systems (BESS) both in India and abroad.
Through its funds including the Category II “Niveshaay Sambhav Fund”, the Category III “Niveshaay Hedgehogs Fund” and the newly launched “Niveshaay WESS Fund” — among the first dedicated Collective Investment Vehicles (CIVs) in India — Niveshaay is backing Waaree’s storage ambitions. Co-investors in this tranche include industry names such as Vivek Jain (GrowthSphere) and Saket Agarwal (former Director, Apollo Pipes & Apollo Tricoat).
The infusion of funds will be channelled towards ramping up cell and pack manufacturing, bolstering engineering and validation infrastructure, and driving deployment of containerised BESS across domestic and select international markets. With renewables growing fast, grid-scale storage is becoming vital for managing variability, enhancing grid reliability and addressing peak-demand needs.
India’s energy-storage sector is witnessing accelerated growth, supported by favourable policy frameworks. This includes viability-gap funding for grid-scale storage, the Production-Linked Incentive (PLI) scheme for advanced-chemistry cells, and the forthcoming Energy Storage Obligation (ESO). Industry estimates suggest that cumulative energy-storage installations in India could scale from about 0.4 GWh in 2024 to nearly 200 GWh by 2030.
Commenting on the deal, Niveshaay founder Arvind Kothari 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.” The investment underscores Niveshaay’s strategic focus on the energy-transition and sustainability opportunities in India.
With battery costs declining and large-scale storage systems becoming commercially viable for utilities, industries and renewable developers alike, India is increasingly following the trajectory of the U.S. and Europe, where multi-hour battery systems are transforming renewable integration and power-reliability. Niveshaay’s investment positions it at the forefront of this transformation, backing a company with established manufacturing credentials and a scalable roadmap for both domestic and export markets.
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