A battery storage arm of solar module manufacturer Waaree Energies has raised funds from several investors, in a round led by a Surat-based boutique investment firm.
The Mumbai-headquartered Waaree Energy Storage Systems is part of the parent company's strategy to grow into a renewable energy major, including expanding into storage and smart metering, from its beginnings as a solar-power solutions provider. The subsidiary, which was incorporated in 2020 and was earlier known as Sangam Solar Two Pvt Ltd, received the promise of a Rs 300 crore (nearly $34 million) fund infusion from its parent this September.
This latest round of external funding is for a Rs. 1,000 crore (around $113 million) infusion from several investors led by the boutique investment firm Niveshaay, which invested Rs. 128 crore (around $14.4 millon).
The investment round into Waaree Energy Storage Systems Pvt Ltd was also joined by a bunch of co-investors including Vivek Jain, managing director, Action Tesa and GrowthSphere Ventures; and Saket Agarwal, former director, Apollo Pipes Ltd. and Apollo Tricoat, among others.
Niveshaay invested in the round via its Niveshaay Sambhav Fund, a category II vehicle, Niveshaay Hedgehogs Fund (Category III), and the newly launched Niveshaay WESS Fund.
Waaree said in a release that the funds will be used by its battery storage arm to expand its cell and pack manufacturing, strengthen engineering and validation, and scale up containerised Battery Energy Storage Systems (BESS) across India and select global markets.
Niveshaay is a SEBI-registered Alternative Investment Fund (AIF) management firm which operates Category II and Category III funds, with additional proprietary and co-investment vehicles.
The firm manages investments across listed and unlisted equities and makes early-stage, high-conviction investments in manufacturing and energy-transition companies.
“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,” Arvind Kothari, founder at Niveshaay said while commenting on the investment.
