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Battery Smart Secures $65 Million Funding: Paving The Way To The Future As A Sustainable Solution

Modified On Jun 17, 2024 03:44 PMBy Dheeraj Nair

With significant funding, Battery Smart is focusing on rapidly scaling its battery-swapping network across India and driving more electric mobility adoption. Read on for more details

Battery Smart, one of India’s largest battery-swapping companies for electric three-wheelers recently raised 65 million dollars in a series B funding.

Key Highlights

  • Battery Smart, one of India’s largest battery-swapping companies for electric three-wheelers recently raised 65 million dollars in a series B funding.
  • The equity round was conducted to gather capital for Battery Smart’s expansion goals.
  • Battery Smart claims that its technology will enable electric vehicle drivers to swap the battery pack in just two minutes.

In a move that represents a significant step for the company in terms of growth and expansion, Battery Smart, one of India’s largest battery-swapping companies for electric three-wheelers recently raised 65 million dollars in a series B funding spearheaded by LeapFrog Investments. 

The funding round included primary and secondary investments and saw the participation of existing investors including MUFG Bank, Panasonic, Ecosystem Integrity Fund (EIF), Blume Ventures, and British International Investment (BII). Financial advisory firm Elluminate Capital offered assistance with funding transactions. 

The equity round was conducted to gather capital for Battery Smart’s future expansion goals and move ahead with its next phase of expansion by introducing battery-as-a-service to more cities across India. 

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The Roots: Battery Smart As A Business 

Since the debut of its first battery swap station in New Delhi in June 2020, Battery Smart has rapidly increased its battery swapping station count to 1,000 across 30 cities with over 35 million swaps recorded, across the country. The company now owns stations in Tier 1, 2 and 3 cities with over 45,000 active customers thanks to its partnership with small and medium-sized businesses. 

Leveraging the existing infrastructure of small and medium business establishments across the country, Battery Smart has successfully set up stations in major cities for rapid business growth and to improve the livelihoods of local business owners. 

What Makes Battery Smart Unique? 

One of the biggest challenges faced by India in terms of improving electric vehicle adoption is the lack of charging infrastructure, which creates anxiety for those considering switching from diesel, petrol and CNG-powered vehicles to electric. 

To help reduce the significant anxiety present among customers and offer an effective solution to this problem, Battery Smart is ensuring EV users are within a 1 km radius of a station, with zero wait time. 

Battery Smart is also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII. 

Insights: Battery Smart And Partners Comments

Pulkit Khurana, Co-founder and CEO, Battery Smart, said, “We are thrilled to partner with LeapFrog Investments, MUFG Bank, and Panasonic, who bring expertise across banking, climate strategy, and environmental sustainability. We are also profoundly grateful for the continued support from our existing investors- Tiger Global, Blume Ventures, EIF, and BII. 

The combined support from them showcases the growing global confidence in battery swapping as an innovative electric mobility solution and the mission of Battery Smart to make electric mobility accessible and affordable for all. The fresh capital will enable us to accelerate our expansion, enhance our technology, and strengthen our market presence.” 

The fresh capital will enable Battery Smart to accelerate their expansion, enhance its technology, and strengthen Battery Smart's market presence.

What We Think? 

By 2030, India’s vehicle count is projected to grow to 12 million three-wheelers. Battery Smart is a key player in this three-wheeler electric vehicle market. Its battery-as-a-service solution enables two-minute battery swaps and can empower drivers to save time, cover greater distances, and reduce their upfront costs by approximately 40 percent.

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