Waaree Energy Storage Systems, the battery energy storage arm of Waaree Energies, has raised ₹3.25 billion (~$36.65 million) as part of a ₹10 billion (~$112.78 million) funding round led by investment firm Niveshaay.

Niveshaay invested ₹1.28 billion (~$14.44 million) in the round through its Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched dedicated collective investment vehicles Niveshaay WESS Fund.

Other participants in the round include Vivek Jain, Managing Director of Action Tesa and GrowthSphere, and Saket Agarwal, former Director at Apollo Pipes and Apollo Tricoat.

The fund will be used to enhance battery cell and pack manufacturing capacity, strengthen engineering and validation capabilities, and scale containerized battery energy storage systems across India and select global markets.

Waaree Energies recently approved an additional capital expenditure of ₹80 billion (~$901.47 million) in Waaree Energy Storage Solutions to expand the production capacity of its lithium-ion advanced chemistry storage cell and battery energy storage system manufacturing plant from 3.5 GWh to 20 GWh.

Waaree Energies had earlier invested ₹3 billion (~$33.79 million) in Waaree Energy Storage Solutions through a rights issue to establish a lithium-ion advanced chemistry storage cell manufacturing plant.

In a bid to accelerate the adoption of energy storage, the Ministry of Power allowed energy storage systems to be developed, owned, leased, or operated by a generating company, transmission licensee, distribution licensee, consumer, system operator, or an independent energy storage service provider.

The Waaree Group has been diversifying into other segments in the renewable energy space. Waaree Power, a wholly owned subsidiary of Waaree Energies, recently announced that it is acquiring a 76% stake in Maharashtra-based smart meter manufacturing company, Racemosa Energy. The company will acquire the shares at a cost of ₹530 million (~$6 million).

In August 2025, Waaree Energies announced it would acquire a 64% equity stake in Kotsons, a Rajasthan-based power transformer solutions company, for ₹1.92 billion (~$21.79 million).

Corporate funding for energy storage companies came in at $11.2 billion across 85 deals in the first nine months (9M) of 2025, down 36% year-over-year (YoY) from $17.6 billion across 83 deals, according to Mercom Capital Group’s 9M and Q3 2025 Funding and M&A Report for Energy Storage.