Transaction:
- Waaree Energy Storage Systems Pvt. Ltd., the battery storage arm of Waaree Energies, raised Rs. 1000 Crore in a funding round led by Surat-based boutique investment firm Niveshaay, which invested $14.3 million (Rs. 128 crore).
- The round also saw participation from Vivek Jain, Saket Agarwal, and other high-net-worth individual investors.
About Waaree Energy Storage Systems Private Limited:
- Incorporated in 2020 (formerly Sangam Solar Two Pvt. Ltd.), Waaree Energy Storage Systems Pvt. Ltd. is the battery storage arm of the Waaree Group, which operates GW-scale solar module manufacturing and EPC operations.
- The company is engaged in cell manufacturing, battery pack assembly, and containerised Battery Energy Storage Systems (BESS) for utility-scale and commercial & industrial applications, serving Indian and global customers.
About Niveshaay:
- Niveshaay is a SEBI-registered Alternative Investment Fund (AIF) manager operating Category II and Category III funds, along with sector-focused investment vehicles.
- The firm focuses on early-stage, high-conviction investments in India’s manufacturing and energy-transition ecosystem, with recent investments including Rs. 52 crore in CIMCON Software.
Rationale:
- The Rs. 1,000 crore ($113 million) fundraise follows an earlier Rs. 300 crore ($33.6 million) capital infusion from the parent, providing sufficient balance sheet strength to support the next phase of growth.
- The proceeds will be deployed towards expanding cell and battery pack manufacturing capacity, including investments in engineering, testing, and validation, enabling scale-up while enhancing system reliability, safety standards, and product performance.
- The investment supports the scaling of containerised Battery Energy Storage Systems (BESS) for utility-scale and commercial applications. aligned with rising demand for energy storage solutions.
- The transaction aligns with India’s clean energy transition, supported by policy measures such as the Production Linked Incentive (PLI) scheme for advanced cells and Energy Storage Obligation (ESO) mandates.
- The investment leverages the Waaree Group’s GW-scale solar manufacturing and EPC platform, enabling integrated generation-plus-storage offerings and improving customer acquisition efficiency.
Acknowledgements:
RBI Bulletin (www.bulletin.rbi.org.in), SEBI (www.sebi.gov.in), NSE (www.nseindia.com), BSE (www.bseindia.com)
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