MUMBAI, Jan 05, 2026 – Waaree Energy Storage Solutions (WESSPL), a key vertical of India’s largest solar module manufacturer Waaree Energies, has successfully closed a funding round of ₹1,003 crore (~$120 million). The capital was raised from a diverse group of strategic investors, including prominent family offices, high-net-worth individuals (HNIs), and institutional backers.
Fueling a ₹10,000 Crore Ambition
This capital infusion is a pivotal part of Waaree Group’s broader ₹10,000 crore capital expenditure (Capex) plan. The funds are specifically earmarked for the establishment of a state-of-the-art 20 GWh (Gigawatt-hour) advanced lithium-ion cell and battery pack manufacturing facility in India.
The upcoming gigafactory will focus on producing:
High-performance lithium-ion cells for utility-scale energy storage.
Battery packs for electric vehicles (EVs), ranging from two-wheelers to heavy-duty transport.
Distributed energy solutions for residential and commercial backup.
Becoming a Vertically Integrated Giant
The move signifies Waaree Group’s evolution from a solar-centric company into a fully integrated energy transition player. By adding battery manufacturing to its existing portfolio of solar modules and inverters, Waaree aims to offer end-to-end solutions that address the critical challenges of grid stability and renewable energy intermittency.
"This successful fundraise underscores the confidence that our investor community places in our vision to build world-class energy storage manufacturing in India," said Ankit Doshi, Director of WESSPL. "With these strategic resources, we will fast-track the commissioning of our facility, strengthen domestic supply chains, and reduce India's reliance on battery imports."
Market Context and National Impact
The investment comes at a time when India is aggressively pushing for domestic battery production to meet its climate goals. Currently, India remains heavily dependent on imports for lithium-ion cells, with import bills rising to $3 billion in the previous fiscal year.
The 20 GWh plant is expected to play a crucial role in the "Make in India" initiative, supporting the national goal of achieving 500 GW of non-fossil fuel capacity by 2030. Following the announcement, parent company Waaree Energies saw significant interest in the markets, even as the stock experienced a minor technical correction of 5% amid broader market volatility.