Niveshaay Leads ₹325-Crore Investment in Waaree Group’s Battery Arm Alongside Co-Investors.

Niveshaay, a SEBI-registered Alternative Investment Fund (AIF) management firm, has led a ₹325-crore investment in Waaree Energy Storage Systems Pvt Ltd (WESSPL), the battery manufacturing arm of the Waaree Group.

The investment was made through Niveshaay’s Category II Niveshaay Sambhav Fund, Category III Niveshaay Hedgehogs Fund, and the newly launched Niveshaay WESS Fund—one of India’s first dedicated Collective Investment Vehicles (CIVs). Together, these funds contributed ₹128 crore to the total round, according to an official release issued recently.

Other co-investors in the round include Vivek Jain, Managing Director of Action Tesa and GrowthSphere, and Saket Agarwal, former Director of Apollo Pipes Ltd. and Apollo TricoatThe capital infusion will enable Waaree Energy Storage Systems to expand its cell and pack manufacturing capacity, enhance engineering and validation capabilities, and scale up its containerised Battery Energy Storage Systems (BESS) for deployment across India and select global markets, the company said.