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					</table><p>Waaree Energy Storage Solutions, a subsidiary of <a href="https://waaree.com/" target="_blank" rel="noopener">Waaree Energies,</a> has secured ₹10.03 billion (~$111.16 million) in funding from a group of strategic investors, including family offices, high-net-worth individuals, and institutional backers.</p>
<p>The funding is part of the ₹100 billion (~$1.1 billion) capital expenditure announced to establish a 20 GWh advanced lithium-ion cell and battery pack manufacturing facility.</p>
<p>The cells and battery pack manufacturing plant will focus on producing cells and battery packs tailored for utility-scale storage systems, electric mobility, and distributed energy applications.</p>
<p>In November 2025, Waaree Energy Storage Systems <a href="https://mercomindia.com/waaree-energy-storage-raises-3-25-billion-funding-round-niveshaay" target="_blank" rel="noopener">raised</a> ₹3.25 billion (~$36.65 million) as part of a ₹10 billion (~$112.78 million) funding round led by investment firm Niveshaay to enhance its battery cell and pack manufacturing capacity. The funding would also be used to strengthen Waaree’s engineering and validation capabilities and to scale containerized battery energy storage systems across India and select global markets.</p>
<p>In the same month, the company <a href="https://mercomindia.com/waaree-group-secures-10-mwh-bess-order-in-tamil-nadu" target="_blank" rel="noopener">announced</a> plans to scale domestic battery storage manufacturing with a 4 GWh lithium-ion cell production line and a 5 GWh pack-and-container facility, aimed at supporting both utility-scale and commercial and industrial requirements.</p>
<p>The plans to establish a cell and battery pack plant come in the background of the company winning BESS projects.</p>
<p>In November 2025, the Waaree Group secured a 10 MWh order for battery energy storage systems from an infrastructure development company for deployment in Tamil Nadu.</p>
<p>According to India’s Energy Storage Landscape 1H 2025 Report by Mercom Research, India <a href="https://mercomindia.com/india-added-48-4-mwh-of-energy-storage-capacity-in-1h-2025" target="_blank" rel="noopener">added</a> 48.4 MWh of energy storage capacity in the first half of 2025, a 74% decline from 186 MWh added in the same period last year. India’s cumulative installed energy storage capacity reached 490 MWh by the end of June 2025.</p>
<p>Apart from BESS, Waaree’s offerings include inverters and solar modules.</p>
<p>Recently, Waaree Power, a wholly owned subsidiary of Waaree Energies, <a href="https://www.mercomindia.com/waaree-commissions-3-gw-solar-inverter-facility-in-gujarat" target="_blank" rel="noopener">commissioned</a> two 1.52 GW solar inverter manufacturing lines, totalling 3.05 GW, at its facility in Sarodhi-Valsad, Gujarat. The company will manufacture single-phase and three-phase on-grid inverters.</p>


Waaree Energy Secures ₹10 Billion for 20 GWh Cell and Battery Pack Plant


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					</table><p>Bengaluru-based energy startup <a href="https://www.emoenergy.in/" target="_blank" rel="noopener">EMO Energy</a>, which builds battery packs for high-power applications, has raised ₹100 million (~$1.2 million) in a seed round led by <a href="https://transitionventurecapital.com/" target="_blank" rel="noopener">Transition Venture Capital</a>. The round was co-led by <a href="https://www.gruhas.com/" target="_blank" rel="noopener">Gruhas</a>.</p>
<p>EMO Energy offers battery packs for light electric vehicles (EVs). The company said these battery packs are powered by ZEN, a proprietary cell-agnostic tech platform that allows 100% fire safety, 20-minute fast charging, and 120% improvement in battery life.</p>
<p>EMO’s 2-and-3-wheeler battery system is AIS-156 Phase 2 certified and is in mass production.</p>
<p>EMO is also implementing its ZEN platform for commercial vehicles, tractors, and large-scale energy storage.</p>
<p>EMO said that all applications use the same standard battery module and are equipped to provide solutions for alternative chemistries in the future.</p>
<p>EMO’s Co-founder and CEO Sheetanshu Tyagi said, “Transition VC is enabling our access to the grid storage market (for residential and commercial applications such as lead acid battery &amp; diesel genset replacement), which will help us in deploying ZEN for grid storage applications in the near future. ZEN PAC, the platform&#8217;s 20 min charge battery pack for 2-and-3-wheelers allows the lowest total operating cost (&lt;₹1 (~$0.012/km), &gt;5 years warranty, and 120% improvement in the life of standard nickel manganese cobalt and lithium-iron-phosphate cells.”</p>
<p>EMO is Transition VC’s maiden investment from its recently launched Energy Transition-focused fund worth ₹4 billion (~$48.3 million).</p>
<p>Transition VC’s Co-founder &amp; Managing Partner Mohammed Shoeb Ali said, “Solutions like EMO’s ZEN Platform are integral to India’s endeavors to sustain its EV goals and achieve Net-Zero. EMO’s batteries utilize the latest and safest immersion thermal management technology and allow fast charge and higher vehicle power. This, along with the in-house Smart BMS and AI Battery Life Extension algorithms, allows continuous optimization of performance and a 2X increase in lifespan.”</p>
<p>A recent report by NITI Aayog and Rocky Mountain Institute <a href="https://www.mercomindia.com/domestic-battery-manufacturing-crucial-to-achieving-indias-non-fossil-fuel-goals" target="_blank" rel="noopener">stated</a> that developing a localized advanced cell supply-chain ecosystem will help India create a competitive advantage in mobility, grid energy storage, and consumer electronics.</p>
<p>According to Mercom&#8217;s <a href="https://mercomcapital.com/product/q1-2023-funding-ma-report-storage-grid/" target="_blank" rel="noopener">Q1 2023 Funding and M&amp;A Report for Storage and Grid</a>, Energy Storage companies saw a decline in VC funding, including both private equity and corporate venture capital, in Q1 2023.</p>


Battery Startup EMO Raises ₹100 Million in Seed Funding Round

<p><a href="https://www.heromotocorp.com/en-in/" target="_blank" rel="noopener">Hero MotoCorp</a>, a manufacturer of motorcycles and scooters, is investing ₹4.2 billion (~$56.44 million) in <a href="https://www.atherenergy.com/" target="_blank" rel="noopener">Ather Energy</a>, an electric two-wheeler manufacturer.</p>
<p>The company’s board approved the investment in one or more tranches, aiming to increase its shareholding in Ather Energy. The exact shareholding percentage will be calculated upon the completion of capital raise by Ather. Before the proposed investment, Hero MotoCorp’s shareholding in Ather Energy was 34.8% (on a fully diluted basis).</p>
<p>This is the fifth investment by the company in Ather Energy, the first one dating back to 2016. The investments further enhance the collaboration of Hero MotoCorp with Ather Energy on electric-charging infrastructure and technology for its own electric scooter, provisioned to be launched in March 2022.</p>
<p>The soon-to-be-launched electric scooter is being developed at the company’s R&amp;D set-up – the Center of Innovation and Technology (CIT) in Jaipur and the Tech Center Germany (TGG) near Munich. It will be produced at the company’s manufacturing facility at Chittoor in the southern Indian state of Andhra Pradesh.</p>
<p>Sharing his comments on the investment, Swadesh Srivastava, Head – Emerging Mobility Business Unit, Hero MotoCorp, said, “In keeping with our vision &#8216;Be the Future of Mobility,’ we are working on a variety of emerging mobility solutions. We were one of the early investors in Ather Energy and have continued to expand our association over the years. We are excited to see the growth of Ather Energy in recent years. Our aim is to expand the Hero MotoCorp brand promise and make EV ownership a convenient, hassle-free, and rewarding experience for customers across the world.”</p>
<p>Hero Motocorp, alongside its alliance with Ather, recently also tied up with a Taiwan-based battery swapping company Gogoro Inc to help build an entire EV ecosystem, from products to technology, from sales to service, operations, and innovation.</p>
<p>Last year, Hero Motocorp <a href="https://mercomindia.com/with-investment-hero-share-ather-rises/" target="_blank" rel="noopener">announced</a> an investment of ₹840 million (~$11.25 million) in Ather Energy, increasing its share to 34.58%.</p>
<p>In early 2021, Ather Energy had started its two-wheeler <a href="https://mercomindia.com/ather-electric-two-wheeler-hosur/" target="_blank" rel="noopener">production</a> at its facility in Hosur, Tamil Nadu, and started deliveries across major cities in the country. The facility is said to have a manufacturing capacity of 110,000 scooters annually.</p>


Hero MotoCorp invests ₹4.2 Billion in Ather Energy as it Prepares for its EV Launch

<p>Indian electric two-wheeler manufacturer, Ather Energy, has commenced operations from its facility in Hosur, Tamil Nadu.</p>
<p>Ather has also started deliveries in Mumbai, Pune, Ahmedabad, Bangalore, Chennai, and Hyderabad, and more deliveries are planned in a phased manner across 21 other cities by the first quarter. Ather Energy is likely to expand to 40 cities by the end of 2021. Ather Energy has confirmed deliveries and presence across 27 cities in 15 states.</p>
<p>The company said that the facility is in line with the Make in India initiative&#8217;s vision, with 90% of components of Ather Energy&#8217;s vehicles and the battery packs being manufactured locally.</p>
<p>The Ather 450X and the Ather 450 Plus models are completely Made in India and designed in Bengaluru.</p>
<p>With a capacity to produce 110,000 scooters annually, the facility will serve as Ather&#8217;s national manufacturing hub. The investment will create job opportunities in the region, and more than 4000 employees will be trained for the electric vehicles (EV) sector over the next five years.</p>
<p>Ather Energy had <a href="https://mercomindia.com/ather-energy-ev-li-ion-battery-tamil-nadu/" target="_blank" rel="noopener">announced</a> in 2019 that it had signed a memorandum of understanding  with the Tamil Nadu government to set up a 400,000 square feet two-wheeled electric vehicle and lithium-ion battery manufacturing facility at Hosur.</p>
<p>The facility can produce 120,000 battery packs annually. Ather Energy claims that it is the only EV original equipment manufacturer in India to make its battery packs and has filed 13 patents on the design and manufacturing of Li-ion batteries.</p>
<p>Last November, the company had <a href="https://mercomindia.com/ather-energy-raises-35-million-in-funding/" target="_blank" rel="noopener">raised</a> $35 million in its Series D funding round, led by Sachin Bansal&#8217;s $23 million investment. Hero MotoCorp has invested $12 million as a part of the funding round. In 2014, Flipkart co-founder Sachin Bansal was one of the first angel investors who invested $500,000 in Ather. In the last six years, Bansal has invested $53 million in the e-mobility startup.</p>
<p>Tarun Mehta, CEO and co-founder of Ather Energy, said, &#8220;The opening of this facility is truly a milestone for Ather. The consumer demand has increased by multiple folds, and with us expanding to new markets, this state-of-the-art facility will cater to demand across the country. We are proud that we designed and built a product from scratch, which aligns with the government&#8217;s Make in India vision. We are thankful to the Tamil Nadu government and their EV policies, which have allowed us to have most of our supplier base in the State, making us self-reliant.&#8221;</p>


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