ValueQuest Tristar Fund leads the round with an investment of INR 125 Crore in Waaree Energy Storage Solutions Pvt. Ltd. (WESSPL), the battery energy storage arm of Waaree Energies Ltd., in a private round. This marks the Fund’s second investment under its strategy focused on investing in Energy Transition, Aerospace, Defence, Precision Engineering, and Manufacturing sectors.
WESSPL, a wholly owned subsidiary of Waaree Energies Ltd., plans to manufacture Lithium-ion and/or Sodium-ion Cell, Pack and Battery Energy Storage Solutions with a total target capacity of 20 GW, delivering end-to-end clean energy solutions spanning solar module manufacturing, battery storage, and integrated renewable systems.
Through this investment, WESSPL plans to strengthen its technology and R&D capabilities, accelerating India’s energy transition and supporting the ‘Make in India’ initiative by enhancing domestic manufacturing of advanced energy storage systems.
Commenting on the investment, Mr. 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.”
Mr. 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.”
Dr. 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.”
ValueQuest Tristar 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.
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