ValueQuest Makes Second ₹125 Cr Investment in Waaree Energy Storage

Mumbai-based investment management firm, ValueQuest Tristar Fund has invested Rs. 125 cr in Waaree Energy Storage Solutions Pvt. Ltd. (WESSPL), the battery storage arm of Waaree Energies Ltd. In a press release it said, WESSPL made this investment via a private round to manufacture Lithium-ion and/or Sodium-ion Cell, Pack and Battery Energy Storage Solutions.

Sharing this information the company said this was the Fund’s second investment under its strategy that was focused on investing in Energy Transition, Aerospace, Defence, Precision Engineering, and Manufacturing sectors. 

The fund with a target corpus of INR 1,300 Crore (including greenshoe), announced its first close in June 2025 and is already subscribed over 65% of its target. The Fund made its maiden investment of INR 100 Crore in Rangsons Aerospace Pvt. Ltd. and continues to evaluate similar investment opportunities across its focus sectors, including Energy Transition, Aerospace, Defence, Precision Engineering, and Manufacturing sectors. 

Through this investment, WESSPL plans to strengthen its technology and R&D capabilities, accelerating India’s energy transition and enhancing domestic manufacturing of advanced energy storage systems.

ValueQuest Tristar Fund said this project is estimated to have a 20 GW target capacity, delivering end-to-end clean energy solutions spanning solar module manufacturing, battery storage, and integrated renewable systems. 

The investment in WESSPL not only strengthens the company’s technology and R&D capabilities but also aligns closely with India’s policy push to develop domestic advanced battery manufacturing.

By supporting the establishment of a Lithium-Ion Advanced Chemistry Storage Cell plant, the initiative complements government-backed Production Linked Incentive (PLI) schemes aimed at boosting local manufacturing of high-tech energy storage solutions. This positions WESSPL to contribute to India’s energy transition while fostering indigenous innovation in battery technology. 

Company's Leadership View

Commenting on the investment, Ravi Dharamshi, Founder & CIO, ValueQuest, commented, “At ValueQuest, we believe India’s energy transformation will be driven by strong domestic manufacturing capabilities. Waaree’s proven leadership in renewable energy and its foray into battery storage aligns perfectly with our theme of backing high-quality Indian manufacturing champions, driving long-term structural change,” Aniket Dharamshi, Managing Director and Fund Manager, ValueQuest Tristar Fund, added:

“Battery energy storage is a critical enabler for the renewable energy ecosystem. Our investment in Waaree Energy Storage Solutions reflects our conviction in the sector’s long-term potential and the company’s ability to emerge as a key player in India’s clean-tech manufacturing landscape,”

Arvind Ananthanarayan, Co-Fund Manager, ValueQuest Tristar Fund, further said, “Waaree brings deep engineering expertise and execution capability to a sunrise sector. We are excited to partner with them as they scale their operations and contribute meaningfully to India’s sustainable energy goals.”