ValueQuest Tristar Fund has committed INR 125 crore in a private funding round for Waaree Energy Storage Solutions Pvt Ltd (WESSPL), the battery storage division of Waaree Energies Ltd. This is the Fund’s second major investment under its strategy centered on sectors such as clean energy, aerospace, defence, precision engineering, and manufacturing.
WESSPL, a fully owned subsidiary of Waaree Energies, is working towards building advanced energy storage systems using lithium-ion and sodium-ion technologies. The company aims to achieve a production capacity of 20 GW, providing a full spectrum of clean energy solutions—from solar module production to battery storage and integrated renewable infrastructure.
The capital raised will be used to bolster WESSPL’s research, product development, and technological capabilities. The initiative also supports India’s broader goals of accelerating the shift to sustainable energy and promoting domestic manufacturing under the ‘Make in India’ program.
Speaking on the investment, Ravi Dharamshi, Founder & CIO of ValueQuest, said “We see India’s clean energy future being built on a foundation of robust local manufacturing. Waaree’s leadership in renewables, coupled with its expansion into battery storage, fits seamlessly with our approach of backing Indian companies driving long-term industrial transformation.”
Aniket Dharamshi, Managing Director and Fund Manager at ValueQuest Tristar Fund, added “Battery storage is a critical element for the renewable energy ecosystem. Our investment in WESSPL reflects our strong belief in both the sector’s future and the company’s potential to become a major contributor in the clean technology space.” Dr Arvind Ananthanarayan, Co-Fund Manager at ValueQuest Tristar Fund, commented “Waaree’s engineering strength and ability to scale in emerging sectors make it a valuable partner. We’re looking forward to supporting their growth and contributing to India’s green energy goals.”
ValueQuest Tristar Fund, which announced its first close in June 2025 with a target size of INR 1,300 crore (including a greenshoe option), is already over 65% subscribed. The Fund’s initial investment was INR 100 crore in Rangsons Aerospace Pvt. Ltd., and it continues to evaluate additional opportunities within its core investment themes.
Established in 2010, ValueQuest Investment Advisors Pvt Ltd is a Mumbai-headquartered investment firm recognized for its disciplined research approach and long-term investment philosophy. Known for its deep market analysis and commitment to delivering value to investors, ValueQuest has become a trusted name in Indian asset management. The firm’s private equity initiatives are managed by Quest4Value Investment Managers LLP, with ValueQuest acting as the sponsor of the ValueQuest Tristar Fund.
