Waaree Energy Storage Raises About ₹1,003cr To Build 20 GWh Lithium-Ion Cell plant

Waaree Energy Storage Solutions Pvt Ltd has raised about ₹1,003 crore ($120 million) from a group of investors to fund the development of a 20 GWh lithium-ion cell and battery pack manufacturing facility, the company said on Monday.

The fundraiser is part of a broader ₹10,000 crore capital expenditure plan by the Waaree Group to establish large-scale energy storage manufacturing in India, as the country seeks to strengthen domestic supply chains and support the expansion of renewable energy and electric mobility.

Investors' profiles

Waaree Energy Storage Solutions is a subsidiary of Waaree Energies Ltd, one of India’s largest renewable energy companies. The funding round included investments from family offices, high-net-worth individuals and institutional investors, the company said, without naming them.

The proposed plant will manufacture advanced lithium-ion cells and battery packs for utility-scale energy storage systems, electric vehicles and distributed energy applications, positioning the company as a key player in India’s emerging battery manufacturing ecosystem.

“This successful fund raise underscores the confidence our investors have in our vision to build world-class energy storage manufacturing in India,” said Ankit Doshi, director at Waaree Energy Storage Solutions. “The capital will help us accelerate commissioning of the 20 GWh facility, strengthen domestic supply chains and support India’s growing energy storage requirements.”

Integrated Manufacturing 

The investment marks a significant step in Waaree Group’s strategy to build an integrated clean energy manufacturing platform, spanning solar modules, inverters, batteries and energy storage systems, as storage becomes increasingly critical for grid stability and higher renewable energy penetration.

India is pushing to scale up local battery manufacturing to reduce import dependence and support its long-term clean energy and energy security goals.