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Waaree Energy Storage, a unit of Waaree Energies, has raised ₹1,003 crore to begin its 20 GWh lithium-ion battery and battery pack plant in India.
A 20 GWh battery plant will store clean power for millions of homes and EVs, reducing India’s reliance on imported batteries.
Breaking it down: this fundraise is part of ₹10,000 crore capex plan. The upcoming facility will make batteries for grid-scale energy storage. It will also produce battery packs for electric vehicles, ranging from small units to large systems.
The main aim behind this is to speed up commissioning, build local supply chains, and cut import dependence.
Why it matters: India currently imports almost all its lithium-ion batteries. Cell imports jumped to $3 billion in FY25, up from $1.8 billion in FY22. A homegrown 20 GWh plant is a big step toward fixing that gap.
Zoom out: India’s energy storage sector is entering a hyper-growth phase.
Capacity is projected to rise nearly 5x between 2026 and 2032, supported by investments of almost ₹4.8 trillion. On the ground, energy storage needs are expected to jump from just 490 MWh today to nearly 3,000 GWh by 2047.
BESS tenders have surged from 4 GWh in 2023 to 60 GWh in 2025, with over 10 states rolling out storage-focused policies.
