Waaree Energy Storage Solutions Private Limited (WESSPL), a leading vertical in India's energy storage landscape and a subsidiary of Waaree Energies Limited, successfully closed a significant funding round today, raising approximately Rs. 1,003 crore. The capital came from a diverse group of strategic investors, including various family offices, high-net-worth individuals (HNIs), and institutional backers. 

This funding round supports the previously announced capital expenditure (Capex) of approximately Rs. 10,000 crore (~$1.2 billion ) for the establishment of a state-of-the-art 20 GWh advanced lithium-ion cell and battery pack manufacturing facility. 

The facility will concentrate on producing high-performance cells and battery packs designed for utility-scale storage systems, electric mobility, and distributed energy applications. Expanding this capacity marks a significant milestone in the Waaree Group's integrated renewable manufacturing roadmap, strategically complementing its established solar manufacturing capabilities. 

Through this investment, Waaree Group is transforming into a vertically integrated leader in the energy transition. Its portfolio now spans solar modules, inverters, and batteries to advanced energy storage systems and emerging clean tech. By incorporating storage manufacturing, Waaree can provide the comprehensive, end-to-end solutions necessary for enhancing grid stability, increasing renewable energy adoption, and driving large-scale decarbonization.

Commenting on the fund raise, Ankit Doshi, Director, WESSPL, said: “This successful fund raise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India. 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. This initiative not only supports national sustainable energy goals but also enhances local manufacturing, employment, and technological innovation in the storage sector.”

The 20 GWh cells and battery pack plant will be a cornerstone in achieving India’s strategic objective of fostering deeper domestic manufacturing in energy storage technologies and reducing reliance on imports.